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MDR > SEC Filings for MDR > Form 8-K on 28-Mar-2013All Recent SEC Filings

Show all filings for MCDERMOTT INTERNATIONAL INC | Request a Trial to NEW EDGAR Online Pro



Entry into a Material Definitive Agreement, Creation of a Direct Fina

Item 1.01 Entry into a Material Definitive Agreement.

On March 25, 2013, McDermott International, Inc. (the "Borrower") and certain of its wholly owned subsidiaries, as guarantors, entered into a second amendment and consent ("Amendment No. 2") to the credit agreement dated May 3, 2010, among the Borrower, Crédit Agricole Corporate and Investment Bank, as administrative agent and collateral agent (in such capacity, the "Collateral Agent"), and certain lenders and letter of credit issuers party thereto (as amended August 19, 2011, the "Credit Agreement").

Amendment No. 2 amended the Credit Agreement to, among other things: (1) release the Collateral Agent's mortgage on the marine vessel McDermott Derrick Barge No. 30 (the "DB 30"); (2) permit the transfer of the DB 30 to a Malaysian joint venture in which the Borrower, indirectly through certain of its subsidiaries, has an interest (the "Malaysian JV"); (3) permit the Borrower to, directly or indirectly through subsidiaries, make a loan to the Malaysian JV without otherwise using the Credit Agreement's investment baskets; and (4) permit the exchange of a portion of the equity issued by the Malaysian JV held through the Borrower's subsidiaries for a portion of the equity issued by an unaffiliated Malaysian company that owns a fabrication yard.

In connection with entering into Amendment No. 2, the Borrower paid a consent fee to the lenders party thereto.

The foregoing summary is qualified in its entirety by reference to the complete text of Amendment No. 2, which is filed as Exhibit 4.1 to this report and is incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

The information provided under Item 1.01 above is incorporated by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

4.1 Amendment No. 2 and Consent, dated as of March 25, 2013, entered into by and among McDermott International, Inc., as borrower, certain of its wholly owned subsidiaries, as guarantors, certain banks and financial institutions executing the signature pages thereto, as lenders and letter of credit issuers, and Crédit Agricole Corporate and Investment Bank, as administrative agent and collateral agent.

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