McDermott (NYSE:MDR) +30.2% pre-market after announcing an agreement with lenders providing access to
as much as $1.7B of additional financing.
Under the deal terms, MDR will have immediate access to $650M of financing, comprised of $550M under a term loan facility and $100M under a letter of credit facility.
MDR says it continues to pursue the previously announced strategic alternatives process for Lummus Technology and the sale process for the remaining part of its pipe fabrication business, but will terminate the sale process for its industrial storage tank business.