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J. Ray McDermott receives no tenders of senior notes
By Kimberly N. Alleyne
Stroudsburg, Pa., Aug. 15 - J. Ray McDermott, SA announced Monday that its offer to purchase at par up to $36.5 million of its $200 million 11% senior secured notes due 2013 expired with no notes tendered.
With the offer period expired, the $36.5 million of previously restricted funds has now become unrestricted cash and available for J. Ray's general corporate purposes, the company said.
J. Ray McDermott began the tender on July 15. The offer was required under the asset sale covenant in the note indenture and was to be funded with the remaining proceeds from the 2004 sale of the Derrick Barge 60 marine vessel.
J. Ray McDermott, SA, a subsidiary of McDermott International, Inc., is a New Orleans provider of solutions for offshore field development. McDermott International, Inc. is a worldwide energy services company.
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