NEW YORK – Bracewell LLP 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.

Operating in over 54 countries, McDermott is a fully integrated provider of engineering and construction solutions to the energy industry.

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Bracewell lawyers involved in the transaction included:

Partners: Jeris Diana Brunette, Robin J. Miles, William H. Ebert, Olivia Caddy, William A. (Trey) Wood, Jason G. Cohen, Mark E. Dendinger, Todd W. Eckland, Elizabeth L. McGinley, Tom M. Tomlinson and Manuel Vera

Counsel: Leslie M. Hansen

Associates: Christie L. Latimer, Bagyasree Nambron, Catherine Todd and Miles Tonkin