Davis Polk advised an ad hoc group of term loan lenders in connection with a super-priority credit facility in the aggregate amount of $1.7 billion for McDermott International, Inc. and certain of its affiliated subsidiaries. The super-priority credit facility consists of (1) a $1.3 billion term loan facility and (2) a $400 million letter of credit facility to be funded in four tranches. Upon closing of the first tranche, the company will have access to $650 million of capital, consisting of $550 million under the term loan facility and $100 million under the letter of credit facility.

McDermott is a global upstream and downstream engineering, procurement, construction and installation company. It is also a provider of industry-leading petrochemical, refining, gasification and gas processing technologies and a supplier of proprietary catalysts and related engineering.

The Davis Polk finance team included partner Monica Holland, counsel Benjamin Cheng and associates Michael Fan, Nathan P. Huynh and Stephen M. Rettger. The restructuring team included partner Damian S. Schaible, counsel Natasha Tsiouris and associates Daniel Rudewicz and Mary A. Prager. The capital markets team included partner Nicholas A. Kronfeld and associate Heita Miki. All members of the Davis Polk team are based in the New York office.

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