HOUSTON, July 03, 2017 (GLOBE NEWSWIRE) -- McDermott International, Inc. (NYSE:MDR) announced today it has entered into a 5-year Amended and Restated Credit Agreement with $810 million of capacity for letters of credit and a $300 million revolving cash sublimit. Additionally, the agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion.
The amended and restated facility will replace McDermott’s previous $450 million Credit Agreement dated April 16, 2014 (as amended) and will extend the maturity until 2022, provided that McDermott’s existing senior secured notes are repaid by December 2020. In conjunction with the Amended and Restated Credit Agreement, McDermott repaid in full the outstanding Term Loan under the previous Credit Agreement.
“The increased limit of the facility, the $300 million revolving cash sublimit, as well as the extended maturity are a culmination of the financial transformation McDermott has made over the past few years,” said Stuart Spence, McDermott’s Executive Vice President and Chief Financial Officer. “The increased facility capacity underscores the confidence and support shown by our current and new lenders entering the facility and provides us with a simplified capital structure, increased balance sheet flexibility and positions us well for future growth.”
McDermott is a leading provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide. The Company delivers fixed and floating production facilities, pipelines and subsea systems from concept to commissioning for complex offshore and subsea oil and gas projects to help oil companies safely produce and transport hydrocarbons. Our customers include national and major energy companies. Operating in approximately 20 countries across the world, our locally focused and globally integrated resources include approximately 13,500 employees, a diversified fleet of specialty marine construction vessels, fabrication facilities and engineering offices. We are renowned for our extensive knowledge and experience, technological advancements, performance records, superior safety and commitment to deliver. McDermott has served the energy industry since 1923. As used in this press release, McDermott includes McDermott International, Inc. and its subsidiaries and affiliates. To learn more, visit our website at www.mcdermott.com.