Under the agreement, certain subsidiaries of McDermott will have access to up to $1.7 billion of additional financing, including letter of credit capacity. In addition, 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, before reduction for related transaction fees and expenses.

The Cushing Connect Pipeline & Terminal LLC (the “Joint Venture”) will connect the Cushing, Oklahoma crude oil hub to the Tulsa, Oklahoma refining complex, and will own and operate 1.5 million barrels of crude oil storage in Cushing, Oklahoma.

Stephen B. Crain, Kate H. Day and G. Alan Rafte are among an elite group of 50 lawyers who, as agents of change, have left “significant marks on the practice, policy and technological advancement of their practice.”