McDermott Prices $550 Million Nordic Bond to Anchor Refinancing

Proceeds from the issuance will initially sit in an escrow account, pending the satisfaction of specific conditions linked to the company’s comprehensive refinancing plan. Once released, the funds are earmarked for cash collateralizing Letter of Credit facilities and general corporate requirements. The bonds are expected to list on the Euronext Nordic ABM, with DNB Carnegie and Clarksons Securities serving as the lead bookrunners.

This bond issue functions as the primary debt component of a wider financial overhaul that includes a $500 million equity rights offering. The company has pushed the record date for this equity raise to July 13, 2026, with a subscription window running through mid-August. Shareholders are set to vote on related matters during a virtual meeting scheduled for July 13, as management aims to finalize the entire refinancing package by the third quarter of 2026.