We advised an ad hoc group of existing shareholders and lenders on their participation in a new capital raise

Davis Polk advised an ad hoc group of existing shareholders and lenders in their participation in a $390 million Cash Secured Escrow LC Facility and a $170 million common equity raise for McDermott International, Inc.

McDermott is a fully integrated provider of engineering, procurement, construction and installation and technology solutions to the energy industry. McDermott’s proprietary technologies and services are utilized for offshore, subsea, power, liquefied natural gas and downstream energy projects around the world. Their customers include national, major integrated and other oil and gas companies and producers of petrochemicals and electric power.

The Davis Polk restructuring team included partner Natasha Tsiouris and associate Amber Leary. The finance team included partner Monica Holland and associates Jason Palios, Timothy H. Oyen and Michael Katz. The capital markets team included partner Nicholas A. Kronfeld. The corporate team included partner Brian Wolfe. Partner Lucy W. Farr and associate Tracy L. Matlock provided tax advice. All members of the Davis Polk team are based in the New York office.