Daily News: April 19, 2016

Crédit Agricole Agents McDermott Facility Amendment


McDermott International amended its senior secured credit agreement to replace an existing minimum EBITDA requirement with a more standard covenant package comprised of two leverage ratios and a fixed charge ratio and remove or reduce certain reporting requirements to its lenders.

Crédit Agricole served as administrative agent for the transaction.

The amendment also provides a $450 million letter of credit capacity, with the potential to increase to $600 million under an accordion feature, and extend the maturity date of the letter of credit facility to April 22, 2019.

McDermott is a provider of integrated engineering, procurement, construction and installation (EPCI) services for upstream field developments worldwide.