McDermott Inc. to Sell Notes to Repay Loans
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McDermott Inc. of New Orleans may try to sell up to $100 million in notes to repay bank loans, according to a Securities and Exchange Commission filing.
The notes are being offered concurrently with a separate $200-million offering of senior subordinated notes, according to the filing.
McDermott Inc. had a $248.5-million credit agreement outstanding and $64.7-million in short-term bank loans as of the end of March, the filing showed.
A subsidiary of McDermott International Inc., McDermott Inc. and its subsidiaries design and manufacture nuclear steam and fossil-fuel steam-generating systems and equipment and offshore platforms and pipelines.
First Boston Corp. and Merrill Lynch Capital Markets have been named as underwriters for the offering.
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