McDermott Completes $1.05 Billion Refinancing, Rights Offer 97% Subscribed
Houston – September 21, 2026 -- McDermott International, Ltd has completed a comprehensive refinancing package worth more than $1 billion, combining a $500 million equity rights offering, a $550 million senior secured Nordic bond and a new long-term letter of credit facility.
Rights offering draws 97% shareholder subscription
The $500 million equity financing was structured as a rights offering to existing shareholders and was 97% subscribed by Class A ordinary shareholders. Remaining shares were absorbed through related backstop commitments, ensuring full completion of the raise.
Nordic bond matures in 2031, extends debt maturity profile
McDermott issued $550 million in senior secured bonds in the Nordic market, with maturity set for 2031. The company also secured a new long-term letter of credit and guarantee facility, alongside a revolving credit facility, as part of the same transaction.