J. Ray McDermott Announces Partial Tender Offer for Senior, Secured Notes
16 Juli 2005 - 2:00AM
Business Wire
J. Ray McDermott, S.A. ("J. Ray"), a subsidiary of McDermott
International, Inc. ("McDermott") (NYSE:MDR), announced today that
it has commenced an offer to purchase at par up to $36.5 million of
J. Ray's $200 million 11 percent, senior secured notes due 2013
(the "Notes"). The offer to purchase is being made in accordance
with the asset sale covenant contained in the indenture governing
the Notes. J. Ray intends to use the remaining proceeds it obtained
from last year's sale of the Derrick Barge 60 marine vessel to fund
the purchase of properly tendered Notes. In accordance with the
Safe Harbor provisions of the Private Securities Litigation Reform
Act of 1995, McDermott cautions that statements in this press
release, which are forward-looking and provide other than
historical information, involve risks and uncertainties that may
impact the McDermott's actual results of operations. These
forward-looking statements include our statements regarding J.
Ray's intention to purchase properly tendered Notes. Although we
believe that the expectations reflected in those forward-looking
statements are reasonable, we can give no assurance that those
expectations will prove to have been correct. Those statements are
made by using various underlying assumptions and are subject to
numerous uncertainties and risks. If one or more of these risks
materialize, or if underlying assumptions prove incorrect, actual
results may vary materially from those expected. For a more
complete discussion of these risk factors, please see McDermott's
annual report for the year ended December 31, 2004 and its 2005
quarterly reports filed with the Securities and Exchange
Commission.
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