McDermott International, Inc. Announces Public Offering of Tangible Equity Units
31 März 2014 - 11:35PM
Business Wire
McDermott International, Inc. (MDR) today announced that it
intends, subject to market and other conditions, to offer
10,000,000 tangible equity units (the “Units”), each with a stated
value of $25.00, in an underwritten public offering. In addition,
McDermott intends to grant the underwriter an option to purchase up
to an additional 1,500,000 Units. Each Unit will consist of a
prepaid stock purchase contract and an amortizing note. Unless
earlier settled, each stock purchase contract will automatically
settle on April 1, 2017 for shares of McDermott’s common stock
(subject to postponement in limited circumstances). The amortizing
notes will pay proportionally equal quarterly installments that
will constitute a payment of interest and a partial repayment of
principal. The amortizing notes will have a final installment
payment date of April 1, 2017 and will be unsecured senior
obligations of McDermott. All of the securities to be offered will
be issued under McDermott’s currently effective shelf registration
statement. McDermott's common stock is listed on the New York Stock
Exchange under the symbol “MDR.”
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. will serve 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.
About McDermott
McDermott is a leading provider of integrated engineering,
procurement, construction and installation (EPCI) services for
upstream field developments worldwide. McDermott delivers fixed and
floating production facilities, pipelines and subsea systems from
concept to commissioning for complex Offshore and Subsea oil and
gas projects to help oil companies safely produce and transport
hydrocarbons. Operating in more than 20 countries across the world,
McDermott’s locally focused and globally integrated resources
include approximately 14,000 employees, a diversified fleet of
specialty marine construction vessels, fabrication facilities and
engineering offices.
Forward-Looking Statements
All statements other than statements of historical fact included
in this release are forward-looking statements within the meaning
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements in this press release relate to, among
other things, the number of Units, the expected use of proceeds and
other aspects of the offering and expected proceeds from other
transactions. 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 various uncertainties. This news release
reflects expectations as of the date hereof. Except to the extent
required by applicable law, McDermott undertakes no obligation to
update or revise any forward-looking statement.
McDermott International, Inc.Investors, Analysts and Financial
Media:Steven D. Oldham, (281) 870-5147Vice President, Treasurer and
Investor Relationssoldham@mcdermott.com
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