J. Ray McDermott sets Tuesday launch for $500 million facility

By Sara Rosenberg

New York, May 5 - J. Ray McDermott SA has scheduled a bank meeting for Tuesday morning in New York City to launch its proposed $500 million senior secured credit facility, according to a market source.

Credit Suisse is the lead arranger on the deal.

The facility consists of a $400 million five-year revolver and a $100 million six-year synthetic letter-of-credit facility.

The credit facility is being obtained as part of a tender offer that will expire on June 1 for the company's 11% senior secured notes due 2013.

Funded debt at close will be zero, the source added.

J. Ray McDermott is a Houston-based provider of engineering, procurement, construction and installation services for offshore oil and gas field developments.

© 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.