McDermott to start roadshow for $200 million 10-year notes

By Paul A. Harris

St. Louis, Nov. 10 - J. Ray McDermott, SA is expected to begin a roadshow late this week for a $200 million offering of senior secured notes due 2013, according to an informed source.

Pricing is expected during the Nov. 17 week.

Morgan Stanley is bookrunner on the Rule 144A/Regulation S offer, according to the source.

The notes will be non-callable for five years and will contain an equity clawback for 35%.

J. Ray McDermott will use proceeds for general corporate purposes.

The prospective issuer is a subsidiary of New Orleans-based energy services company McDermott International Inc.

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