J. Ray McDermott, Babcock & Wilcox amend loans, reducing revolver pricing and fees

By Sara Rosenberg

New York, July 26 - J. Ray McDermott, S.A. and The Babcock & Wilcox Co. amended their credit facilities, decreasing commitment fees and pricing for revolving loans, depending on credit ratings, according to an 8-K filed with the Securities and Exchange Commission Thursday.

Pricing on the revolvers can now range from Libor plus 100 to 175 basis points, and the commitment fees can now range from 25 bps to 37.5 bps.

The amendments were completed on July 20.

Credit Suisse is the lead bank on the deals.

J. Ray McDermott and Babcock & Wilcox are both subsidiaries of McDermott International. J. Ray is a Houston-based provider of engineering, procurement, construction, and installation services for offshore oil and gas field developments. Babcock & Wilcox is a Barberton, Ohio-based company that designs, supplies and services power generation systems and equipment.

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