Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers Paydowns > Headlines for Altoona > News item |
McDermott gains access to $250 million term loan, $100 LoC facility
By Angela McDaniels
Tacoma, Wash., Dec. 2 – McDermott International, Inc. was granted access to tranche B of its $1.7 billion super-priority senior secured credit facility, according to a company news release.
Tranche B provides McDermott with a $250 million term loan and a $100 million letter-of-credit facility.
The company expects to use the amounts available under tranche B to continue financing working capital and support the issuance of required performance guarantees on new projects.
McDermott expects tranche B to allow it to continue “collaborative discussions” about a “long-term balance sheet solution.”
In connection with the tranche B funding, the required lenders have agreed to amendments to the credit agreement that would waive certain conditions and modify cross-default provisions in order to facilitate the tranche B funding.
McDermott is a Houston-based provider of technology, engineering and construction solutions to the energy industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.