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.
McKelvy cites lender and investor confidence in strategy
Michael McKelvy, McDermott Chief Executive Officer and Chair of the Board of Directors, said the refinancing reflects continued support from shareholders, lenders and bond investors in the company's strategy and performance.
The company stated the combined transactions are designed to extend its maturity profile, deleverage its balance sheet and provide long-term financing certainty as it works through its global project backlog.