Advising McDermott on US$550m Nordic bond issuance and refinancing

We acted as Bermuda counsel to McDermott International, Ltd (McDermott) on its comprehensive refinancing transaction, designed to extend the company’s maturity profile, further reduce leverage and provide long-term financing certainty.

The refinancing centred on a US$550m senior secured bond issuance in the Nordic market due in 2031, alongside a new long-term letter of credit and guarantee facility and a revolving credit facility.

The transaction also included a backstopped US$500m equity financing through a rights offering to existing shareholders.

McDermott is a fully integrated provider of engineering and construction solutions to the energy industry, operating in more than 30 countries with more than 30,000 employees. The refinancing positions the company to deliver its high-quality global backlog, pursue disciplined growth opportunities and advance its long-term strategy.

Our team advised McDermott on the Bermuda law aspects of the refinancing, including the Nordic bond issuance, the letter of credit and guarantee facility, the revolving credit facility and the equity financing.

The team was led by partner Nathalie West and senior associate Malacia Madden, with partner Rachel Nightingale and senior counsel Benjamin Green advising on the equity financing.