NEW YORK – Bracewell LLP is representing Crédit Agricole Corporate & Investment Bank (Crédit Agricole) in connection with the financing of McDermott International, Inc.’s (McDermott) all-stock combination with Chicago Bridge & Iron Company N.V. (CB&I). The transaction, which is expected to close in the second quarter of 2018, has an estimated enterprise value of $6 billion.
The combination will create a fully vertically integrated onshore-offshore company, with a broad engineering, procurement, construction and installment (EPCI) service offering and a market-leading technology portfolio.
McDermott has secured approximately $6 billion of fully committed financing, led by Crédit Agricole, Barclays and Goldman Sachs & Co. LLC. Permanently funded debt financing in the form of term loans and unsecured bonds is expected to be in place prior to closing.
With operations in approximately 20 countries around the world, McDermott is a leading provider of integrated EPCI, front-end engineering and design, and module-fabrication services for upstream field developments.
CB&I is a leading provider of technology and infrastructure for the energy industry.
Bracewell lawyers involved in this transaction include:
Partners: Robin J. Miles and Charles H. Still, Jr.
Associate: Jeris Diana Brunette