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Bracewell’s Role in McDermott International’s Rescue Financing Recognized at 2020 IFLR Americas Awards

Image: IFLR

NEW YORK — Bracewell LLP is among the law firms that has been shortlisted for its role in McDermott International’s rescue financing at the 2020 IFLR Americas Awards. The transaction is a finalist for “Loan of the Year.”

In October 2019, Bracewell represented Crédit Agricole as lead arranger and revolving administrative agent in a $1.7 billion financing for McDermott International, Inc. Under the agreement, certain subsidiaries of McDermott had access to up to $1.7 billion of additional financing, including letter of credit capacity. In addition, McDermott had 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 IFLR Americas Awards showcase the most legally innovative cross-border transactions that closed in 2019 that were structured throughout the Americas. The awards also celebrate the teams and firms behind the deals. Winners will be announced at a virtual ceremony on May 14.