McDermott's stock soars after announcing forbearance agreement with creditors, access to financing [MarketWatch]
MCDERMOTT INTL (MDR)
Last mcdermott intl earnings: 11/4 04:15 pm
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Source: MarketWatch
McDermott's stock soars after announcing forbearance agreement with creditors, access to financing Shares of McDermott International Inc. MDR, +6.08% soared 20% in active premarket trading Monday after the provider of engineering and construction services to the energy industry announced access to $350 million in financing and a forbearance agreement with some of its creditors. Under terms of the forbearance agreement, over 35% of the holders of McDermott's 10.625% senior notes due 2024 have agreed not to exercise their rights to the interest payment due on Nov. 1. The agreement extends through Jan. 15, 2020. McDermott said it was in discussion with other holders of the 2024 debt. Regarding the $350 million in financing, it is the second tranche (Tranche B) of the previously announced $1.7 billion credit facility, and provides the company with a $250 million term loan and a $100 million letter of credit. McDermott's stock, which had closed at a record low of 56 cents on Nov. 19, ha
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