McDermott International Restructuring Named Restructuring Deal of the Year at IFLR Americas Awards 2021

NEW YORK – Bracewell LLP was among the law firms honored for its role in McDermott International’s restructuring, which was named Restructuring Deal of the Year at the IFLR Americas Awards 2021 on May 27.

In June 2020, Bracewell represented Crédit Agricole Corporate and Investment Bank as agent to the lenders in the successfully completed exit financing for McDermott International, Ltd’s emergence from bankruptcy. The exit financing included over $2.4 billion in letter of credit facility capacity and approximately $544 million in funded debt. The comprehensive balance sheet restructuring also equitized nearly all of McDermott’s $4.6 billion of funded debt.

The restructuring transaction was financed by a debtor-in-possession financing facility of $2.81 billion that closed in January 2020.