McDermott’s new $1.5 billion senior notes expected in market during March 19 week

By Paul A. Harris

Portland, Ore., March 16 – McDermott International Inc. is expected to bring $1.5 billion of senior notes (B2/B-), possibly in two tranches, during the March 19 week, according to a high-yield bond investor.

Barclays will lead the bridged deal.

The notes, along with a $2.15 billion term loan now in the market, are coming in connection with the merger of McDermott and Chicago Bridge & Iron Co. NV (CB&I).

Proceeds will be used to pay CB&I debt, as well as McDermott debt.

McDermott is a Houston-based engineering and design company. CB&I is a Netherlands-based provider of technology and infrastructure for the energy industry. The combined company will be based in Houston.

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