NEW YORK – Bracewell LLP represented Crédit Agricole as lead arranger and revolving administrative agent in a financing for McDermott International, Inc. (NYSE: MDR).
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.
McDermott expects to utilize the amounts available under the agreement to finance working capital and support the issuance of required performance guarantees on new projects.
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Bracewell attorneys involved in this transaction included:
Partners: Jeris Diana Brunette, Robin J. Miles, Olivia Caddy, Todd W. Eckland, Catherine Hood and Manuel Vera
Senior Counsel: William H. Ebert
Counsel: J. Anthony Terrell
Associates: Annemarie E. Dunleavy, John Flynn, David Kuwabara, Angela Wallace, Christie L. Latimer, Shannon I. Lindamood, Lilliana Dealbert, Benjamin Pridgeon, Chris Travis, Catherine Todd, Priyanka Patel, Jason W. Keating, Emily A. Banse, Kenni E. Callahan, Sylvia Cherem and Kathy Witty Medford