NEW YORK – Bracewell LLP represented Crédit Agricole as agent to the revolving DIP lenders in prepackaged Chapter 11 restructuring transaction for McDermott International, Inc. (NYSE:MDR).
The restructuring transaction will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion. Subject to court approval, McDermott expects the DIP financing, combined with cash generated by McDermott, to enable the company to stabilize its cash flows, continue operating in the normal course and fulfill its commitments to key stakeholders, including customers, suppliers, joint-venture partners, business partners and employees.
The company also has secured committed exit financing of over $2.4 billion in letter of credit facility capacity and will emerge from Chapter 11 with approximately $500 million in funded debt. The restructuring transaction will strengthen the company's balance sheet, normalize its trade debt and position the company for long-term growth.
Bracewell attorneys involved in the transaction included:
Partners: Jeris Diana Brunette, Robin J. Miles, Rebecca H. Keep, Heather L. Brown, William H. Ebert, Olivia Caddy, William A. (Trey) Wood, Jason G. Cohen, Mark E. Dendinger, Todd W. Eckland, Catherine Hood and Manuel Vera
Counsel: Leslie M. Hansen
Associates: Emily A. Banse, Kenni E. Callahan, Chris P. Travis, Benjamin M. Pridgeon, Bagyasree Nambron, Catherine A. Todd and Christie L. Latimer