McDermott Expands Participation in $170 Million Common Share Issuance
McDermott International, Ltd today announced that all accredited investors holding common shares as of November 18, 2020, the record date for participation, will have the pre-emptive right to invest their proportionate percentage in the common share issuance.
“The interest expressed in participating in this transaction is a reminder of the significant support and confidence we have from our shareholders,” said David Dickson, President and Chief Executive Officer of McDermott. “We look forward to leveraging the resulting solid liquidity position to deliver superior project execution and pursue new growth opportunities.”
On November 18, 2020, McDermott announced that it had secured approximately $560 million in new capital through a series of transactions to further strengthen the company’s balance sheet, increase liquidity and fund future growth opportunities. The transactions are expected to close by the end of the year.
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