McDermott International Inc.

McDermott International Inc. said Oct. 21 it has entered into an agreement with certain of its secured lenders under which the company will have access to up to $1.7 billion of additional financing, including letter of credit capacity.

Under the terms of the agreement, McDermott 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, before reduction for related transaction fees and expenses.