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McDermott notes drop on rescue financing; Teva lifted after opioid settlement news
By James McCandless
San Antonio, Oct. 21 – The distressed debt market started a new week with the focus on energy and pharma newsmakers.
McDermott International, Inc.’s notes dropped after the company attained access to up to $1.7 billion in new financing.
The 10 5/8% senior notes due 2024 declined by 4¼ points to close at 24¼ bid.
On Monday, the Houston-based oil and gas engineering company announced that it entered into an agreement with some of its secured lenders to have access to up to $1.7 billion of additional financing, including letter-of-credit capacity.
The company will have immediate access to $650 million of financing comprised of $550 million under a term loan facility and $100 million under a letter-of-credit facility, Prospect News reported.
As part of the deal to attain the financing, the company agreed to pay about 10% interest on the loan, withdraw its annual guidance and stop efforts to sell its industrial storage tank business.
In pharma, Teva Pharmaceutical Industries Ltd.’s notes were lifted after the company came to a settlement with two Ohio counties.
The 3.15% senior notes due 2026 jumped up 2½ points to close at 76½ bid. The 6¾% senior notes due 2028 rose 3¾ points to close at 91¾ bid.
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