McDermott shares soar after gaining access to financing

U.S. engineering and construction services company McDermott has gained access to $350 million in financing under its super-priority senior secured credit facility, which sent its shares soaring on Monday. 

McDermott said on Monday it had been granted access to the second tranche (Tranche B) of the $1.7 billion super-priority senior secured credit facility announced on October 21, 2019.

Following the agreement with the lenders in October, McDermott immediately gained 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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