McDermott International placed $300 million of 12% redeemable preferred stock
and warrants with funds managed by Goldman Sachs’ merchant banking division. The
preferred equity placement
was McDermott’s first such
issue since 1998.
The warrants can be exercised at $0.01 to buy 6.77 million common shares.
McDermott intends to use the $290 million in net proceeds for general corporate purposes,
including working capital requirements.
The company also completed a
$230 million letter of credit agreement.
McDermott said this facility, apart from its regular $1 billion......
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