McDermott International Inc. (MCDIF)

[eFinanceMarkets]

McDermott wins new $810M credit agreement, could rise to $1B

McDermott (MDR +5.2%) enjoys strong gains after disclosing after the close Friday that it entered into a five-year amended and restated credit agreement with $810M of capacity for letters of credit and a $300M revolving cash sublimit.

MDR says the agreement also allows for current or new lenders to increase commitments up to $1B.

MDR says the amended and restated facility will replace its previous $450M
credit agreement and extend the maturity until 2022, provided its existing senior secured notes are repaid by December 2020.