McDermott International Signs Credit Agreement

July 3, 2017

McDermott International, an engineering and construction company, has signed a five-year amended and restated credit agreement with $810 million of capacity for letters of credit, and a $300 million revolving cash sublimit.
The amended and restated facility will replace McDermott’s previous $450 million credit agreement dated April 16, 2014 (as amended), and will extend the maturity until 2022, provided that McDermott’s existing senior secured notes are repaid by December 2020.

In conjunction with the amended and restated credit agreement, McDermott repaid in full the outstanding term loan under the previous credit agreement. The deal also allows for current or new lenders to increase commitments up to a total of $1 billion.

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By Stephen Holmes

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