July 3, 2017 / 11:42 AM / 2 months ago

BRIEF-McDermott announces $810 million credit agreement

July 3 (Reuters) - McDermott International Inc:

* McDermott announces $810 million credit agreement

* McDermott has increased financial flexibility with addition of a $300 million revolving cash sublimit

* McDermott International Inc - new credit agreement supports business growth with increased letter of credit capacity from $450 million to $810 million and extends maturity to 2022

* New credit agreement supports business growth with increased letter of credit capacity from $450 million to $810 million

* Agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion

* McDermott International Inc - repayment of term loan leads to reduction in leverage and simplified capital structure

* McDermott International Inc - additionally, agreement allows for current or new lenders to increase commitments up to a total of $1.0 billion

* McDermott International Inc - in conjunction with amended, restated credit agreement, co repaid in full outstanding term loan under previous credit agreement Source text for Eikon: Further company coverage:

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