December 18, 2017 / 9:42 PM / 9 months ago

BRIEF-Mcdermott And CB&I To Combine In Transaction Valued At $6 BLN

Dec 18 (Reuters) - Mcdermott International Inc:

* MCDERMOTT AND CB&I TO COMBINE IN TRANSACTION VALUED AT $6 BILLION

* MCDERMOTT INTERNATIONAL INC - MCDERMOTT SHAREHOLDERS TO OWN 53% AND CB&I SHAREHOLDERS TO OWN 47% OF COMBINED COMPANY

* MCDERMOTT INTERNATIONAL - COMBINED CO TO HAVE COMBINED REVENUES OF APPROXIMATELY $10 BILLION AND BACKLOG OF APPROXIMATELY $14.5 BILLION

* MCDERMOTT INTERNATIONAL - CB&I SHAREHOLDERS TO BE ENTITLED TO RECEIVE 2.47221 SHARES OF CO STOCK FOR EACH SHARE OF CB&I COMMON STOCK OWNED

* MCDERMOTT INTERNATIONAL - DEAL IS EXPECTED TO BE CASH ACCRETIVE, EXCLUDING ONE-TIME COSTS, WITHIN FIRST YEAR AFTER CLOSING

* MCDERMOTT INTERNATIONAL INC - DEAL ALSO EXPECTED TO GENERATE ANNUALIZED COST SYNERGIES OF $250 MILLION IN 2019

* MCDERMOTT INTERNATIONAL INC - ANNUALIZED COST SYNERGIES OF $250 MILLION EXPECTED IN 2019 FROM DEAL

* MCDERMOTT INTERNATIONAL - DAVID DICKSON, CURRENT PRESIDENT AND CEO OF MCDERMOTT, WILL BE PRESIDENT AND CEO OF COMBINED CO

* MCDERMOTT INTERNATIONAL - STUART SPENCE, CURRENT CFO OF MCDERMOTT, WILL BE CHIEF FINANCIAL OFFICER OF COMBINED COMPANY

* MCDERMOTT INTERNATIONAL INC - BOARD OF DIRECTORS OF COMBINED CO WILL BE COMPRISED OF 11 MEMBERS, INCLUDING 10 INDEPENDENT DIRECTORS AND DAVID DICKSON

* MCDERMOTT INTERNATIONAL INC - COMBINED CO HAS SECURED ABOUT $6 BILLION OF FULLY-COMMITTED FINANCING, LED BY BARCLAYS, CREDIT AGRICOLE CIB & GOLDMAN SACHS

* MCDERMOTT INTERNATIONAL INC - TRANSACTION HAS BEEN APPROVED BY BOARDS OF BOTH COMPANIES

* MCDERMOTT INTERNATIONAL INC - BOARD OF COMBINED CO TO INCLUDE FIVE OF INDEPENDENT DIRECTORS FROM MCDERMOTT AND FIVE FROM CB&I

* MCDERMOTT INTERNATIONAL INC - TRANSACTION INCLUDES CB&I'S TECHNOLOGY BUSINESS AND FORMER ENGINEERED PRODUCTS BUSINESS

* MCDERMOTT INTERNATIONAL - COMBINED CO HAS SECURED ABOUT $6 BILLION OF FULLY-COMMITTED FINANCING, LED BY BARCLAYS, CREDIT AGRICOLE CIB, GOLDMAN SACHS & CO

* MCDERMOTT - EXPECTED THAT PERMANENTLY FUNDED DEBT FINANCING IN FORM OF TERM LOANS & UNSECURED BONDS WILL BE PUT INTO PLACE PRIOR TO DEAL CLOSING

* MCDERMOTT INTERNATIONAL INC - FOLLOWING COMPLETION OF TRANSACTION, COMBINED COMPANY WILL BE HEADQUARTERED IN HOUSTON AREA Source text for Eikon: Further company coverage:

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below