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CM - McDermott’s expensive $1.7B credit agreement has hurdles - October 2009

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McDermott International, Inc. signed a new syndicated superpriority senior secured credit agreement for up to $1.7 billion, the company announced Oct. 21. Lenders have given McDermott immediate access to $650 million of financing, consisting of $550 million under a total $1.3 billion term-loan facility and $100 million under the total $400 million letter-of-credit facility, prior to reduction for related fees and expenses. The company said it expected to use the borrowings for working capital......
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