McDermott International gets $1.7 billion term loan, LoC financing

By Marisa Wong

Los Angeles, Oct. 21 – McDermott International, Inc. said it entered into an agreement with some of its secured lenders to have access to up to $1.7 billion of additional financing, including letter-of-credit capacity.

Under the agreement, McDermott will have immediate access to $650 million of financing comprised of $550 million under a term loan facility and $100 million under a letter-of-credit facility.

The company said it expects to use the amounts available to finance working capital and support the issuance of required performance guarantees on new projects.

McDermott is a Houston-based energy company that provides engineering, procurement, construction and installation services.

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