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McDermott Granted Access to Second Tranche of Superpriority Senior Secured Credit Facility; Enters Into Forbearance Agreement with Noteholders

By Criterion Research
December 2, 2019 -

McDermott has been given authorization to access the second tranche of its Superpriority Senior Secured Credit Facility which provides them with a $250 million term loan facility and a $100 million Letter of Credit Facility.  Those amounts will be used for working capital needs and to support performance guarantees on new projects.

Also, the firm has entered into a forbearance agreement with >35% of holder of the 10.625% Senior Notes due 2024.  The holders have agreed to forbear on the missed payment from November 1, 2019, until January 15, 2020 (with further extensions possible.)

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Oil and Gas


Debt Financing Activities


United States

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