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McDermott International, Inc. Announces Pricing of $500 Million 8.00% Second-Lien Senior Secured Notes Due 2021

  McDermott International, Inc. Announces Pricing of $500 Million 8.00%
  Second-Lien Senior Secured Notes Due 2021

Business Wire

HOUSTON -- April 10, 2014

McDermott International, Inc. (NYSE: MDR) today announced the pricing of $500
million in aggregate principal amount of 8.00% second-lien senior secured
notes due 2021 (the “Notes”). Settlement of the offering is expected to occur
on April 16, 2014, subject to customary closing conditions. At closing, the
Notes will be issued at a price of 100.00% of the principal amount.

The Notes will be offered only to qualified institutional buyers under Rule
144A under the Securities Act of 1933, as amended (the “Securities Act”) and
to certain non-U.S. persons in transactions outside the United States under
Regulation S under the Securities Act.

The private placement is expected to result in net proceeds to McDermott of
approximately $491 million. McDermott intends to use the net proceeds from the
offering of the Notes, together with other financing sources (including
proceeds expected to be received in connection with the refinancing of its
outstanding credit agreement with a new first-lien credit facility), to
refinance revolving credit facility indebtedness outstanding under its
existing credit agreement and for other general corporate purposes, including
the funding of working capital requirements and capital expenditures.

The Notes have not been and will not be registered under the Securities Act or
any state securities laws; and unless so registered, may not be offered or
sold in the United States except pursuant to an exemption from, or in a
transaction not subject to, the registration requirements of the Securities
Act and applicable state securities laws.

This press release is for informational purposes only and shall not constitute
an offer to sell or the solicitation of an offer to buy the Notes or any other
securities, nor shall there be any sale of Notes or any other securities in
any jurisdiction in which such offer, solicitation or sale would be unlawful.

Forward-Looking Statements

All statements other than statements of historical fact included in this
release are forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Forward-looking statements in this
press release relate to, among other things, the timing of the closing, the
expected use of proceeds and other aspects of the offering and expected
proceeds from other transactions. Although we believe that the expectations
reflected in those forward-looking statements are reasonable, we can give no
assurance that those expectations will prove to have been correct. Those
statements are made by using various underlying assumptions and are subject to
various uncertainties. This news release reflects expectations as of the date
hereof. Except to the extent required by applicable law, McDermott undertakes
no obligation to update or revise any forward-looking statement.

Contact:

McDermott International, Inc.
Investors, Analysts and Financial Media:
Steven D. Oldham,(281) 870-5147
Vice President, Treasurer and Investor Relations
soldham@mcdermott.com
 
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