McDermott International’s Chapter 11 Restructuring

Bracewell LLP represented Crédit Agricole as agent to the revolving DIP lenders in prepacked Chapter 11 restructuring transaction for McDermott International, Inc.

The restructuring transaction will be financed by a debtor-in-possession (DIP) financing facility of $2.81 billion. Subject to court approval, McDermott expects the DIP financing, combined with cash generated by McDermott, to enable the company to stabilize its cash flows, continue operating in the normal course and fulfill its commitments to key stakeholders, including customers, suppliers, joint-venture partners, business partners and employees.

The company also has secured committed exit financing of over $2.4 billion in letter of credit facility capacity and will emerge from Chapter 11 with approximately $500 million in funded debt. The restructuring transaction will strengthen the company’s balance sheet, normalize its trade debt and position the company for long-term growth.

McDermott is a premier, fully integrated provider of technology, engineering and construction solutions to the energy industry.

Bracewell attorneys involved in the transaction included Partners Jeris Diana Brunette (Picture), Robin J. Miles, Rebecca H. Keep, Heather L. Brown,William H. Ebert, Olivia Caddy, William A. (Trey) Wood, Jason G. Cohen, Mark E. Dendinger, Todd W. Eckland, Catherine Hood, Michele J. Alexander and Manuel Vera, Counsel Leslie M. Hansen and David J. Harty, Associates Annemarie E. Dunleavy, John T. Flynn, Angela Wallace, Lilliana Dealbert, Jason W. Keating, Emily A. Banse, Kenni E. Callahan, Chris P. Travis, Benjamin M. Pridgeon, Bagyasree Nambron, Catherine A. Todd, Priyanka Patel, Finney Abraham, Katherine Witty Medford, Christie L. Latimer and Sylvia Cherem

Involved fees earner: Finney Abraham – Bracewell; Michele Alexander – Bracewell; Emily Banse – Bracewell; Heather Brown – Bracewell; Jeris Diana Brunette – Bracewell; Olivia Caddy – Bracewell; Kenni Callahan – Bracewell; Sylvia Cherem – Bracewell; Chris Travis – Bracewell; Jason Cohen – Bracewell; Lilliana Dealbert – Bracewell; Mark Dendinger – Bracewell; Annemarie Dunleavy – Bracewell; William Ebert – Bracewell; Todd Eckland – Bracewell; John Flynn – Bracewell; Leslie Hansen – Bracewell; David Harty – Bracewell; Catherine Hood – Bracewell; Jason Keating – Bracewell; Rebecca Keep – Bracewell; Christie Latimer – Bracewell; Katherine Witty Medford – Bracewell; Robin Miles – Bracewell; Bagyasree Nambron – Bracewell; Priyanka Patel – Bracewell; Benjamin Pridgeon – Bracewell; Catherine Todd – Bracewell; Manuel Vera – Bracewell; Angela Wallace – Bracewell; William Wood III – Bracewell;

Law Firms: Bracewell;

Clients: McDermott International, Inc.;