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McDermott International, Inc. Announces Full Exercise Of Underwriter’s Option To Purchase Additional Tangible Equity Units

Stocks in this article: MDR

McDermott International, Inc. (NYSE:MDR) today announced that the underwriter of the recently announced public offering of 6.25% tangible equity units (the “Units”), each with a stated value of $25.00, has exercised its option to purchase an additional 1,500,000 Units from McDermott. As a result of the exercise of the option, a total of 11,500,000 Units will be sold by McDermott, which will result in net proceeds to McDermott of approximately $279 million. The offering (including the Units subject to the option) is expected to close on April 7, 2014.

McDermott intends to use the net proceeds from the offering, together with proceeds expected to be received from other previously announced financing transactions relating to the refinancing of its outstanding credit agreement, for general corporate purposes, including the funding of working capital requirements and capital expenditures.

There can be no assurance that the financing transactions described in this press release will occur, and, even if they do occur, there can be no assurance as to what their terms will be. In addition, McDermott reserves the right to pursue other financing transactions in place of, or in addition to, the transactions described in this press release.

Goldman, Sachs & Co. is serving as the sole book-running manager for the offering.

This press release is being issued pursuant to and in accordance with Rule 134 under the Securities Act of 1933, as amended. The offering of these securities may be made only by means of a prospectus and a related prospectus supplement, forming a part of the effective registration statement, a copy of which may be obtained by contacting: Goldman, Sachs & Co., Prospectus Department, 200 West Street, New York, NY 10282, telephone: (866) 471-2526, facsimile: (212) 902-9316, e-mail: prospectus-ny@ny.email.gs.com.

This press release is for informational purposes only and shall not constitute an offer to sell or the solicitation of an offer to buy the Units or any other securities, nor shall there be any sale of the Units or any other securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful.

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