Arias, Fábrega & Fábrega represented McDermott International Inc. in connection with a 5-year Amended and Restated Credit Agreement with US$810 million of capacity for letters of credit and a US$300 million revolving cash sublimit. The agreement also allows for current or new lenders to increase commitments up to a total of US$1 billion.

The amended and restated facility will replace McDermott’s previous US$450 million Credit Agreement dated April 16, 2014 (as amended) and will extend the maturity until 2022, provided that McDermott’s existing senior secured notes are repaid by December 2020. In conjunction with the Amended and Restated Credit Agreement, McDermott repaid in full the outstanding Term Loan under the previous Credit Agreement.

ARIFA provided extensive assessment of the Panamanian corporate matters and tax implications of the transaction in addition to analysis regarding the perfection of collateral in the form of naval mortgages and other security interests under Panamanian law.

About McDermott International Inc.
Mcdermott is a leading engineering, procurement, construction and installation (EPCI) company focused on executing complex offshore oil and gas projects worlwide. Mcdermott is active in oil and gas operating regions throughout the world, with locally focused and globally integrated resources which include a diversified fleet of marine vessels, fabrication facilities and engineering offices. A great number of Mcdermott´s fleet of marine vessels are registered with the Panamanian flag. Likewise, many subsidiaries of Mcdermott, through which the company carries out its operations, are incorporated in Panama.