AmericasFinance and InsuranceOffshore

McDermott seals $810m amended credit agreement

Houston-based oil industry construction and installation service firm McDermott revealed that it has entered into a five-year amended and restated credit agreement.

The agreement gives New York-listed McDermott $810m of capacity for letters of credit and a revolving cash sublimit of $300m.

It replaces the company’s previous credit agreement for $450m and extends the maturity to 2022 (as long as the existing senior secured notes are repaid by December 2020).

The amended agreement allows lenders to increase commitments up to a maximum of $1 billion.

Donal Scully

With 28 years experience writing and editing for newspapers in the UK and Hong Kong, Donal is now based in California from where he covers the Americas for Splash as well as ensuring the site is loaded through the Western Hemisphere timezone.
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