McDermott to get access to $1.7 billion of new financing

U.S. engineering firm McDermott has entered into an agreement with lenders under which the company will have access to up to $1.7 billion of additional financing, including a letter of credit capacity.

McDermott said on Monday that the company would have immediate access to $650 million of financing comprised of $550 million under a term loan facility and $100 million under a letter of credit facility, before reduction for related transaction fees and expenses.

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