Mcdermott Superpriority Credit Agreement

Davis Polk advises an ad hoc group of long-term lenders (the „ad hoc group“), which would amount to 1.55 billion euros. USD holds approximately 70% of the long-term loan under a credit agreement given on May 10, 2018 (and all sub-contract loans, „Term Loans 2018“), and $966 million, or about 74% of the long-term loan under a guaranteed priority credit contract. , dated October 21, 2019 (and all loans that include the „Suerpriority Term Loans“) as part of the restructuring of McDermott International, Inc. (with some of its subsidiaries, „McDermott“). On January 21, 2020, the ad hoc group, pre-petition lenders LC, the bond group, McDermott and other parties entered into a Comprehensive Restructuring Support Agreement (RSA) that envisages a pre-packaged bankruptcy that will restructure McDermott`s debts and liabilities. The pre-packaged plan or the reorganization of Chapter 11 (the „plan“) provides for repayment of approximately $4 billion in debt, with lenders receiving 94% of the reorganized equity in 2018 and $500 million in readmission debt. The plan also includes the sale of McDermott`s Lummus Technology business for $2.725 billion to the Chatterjee Group and the Rhone Group (subject to high bids and regulatory approvals), in order to repay the DIP lending mechanism and to cover liquidity, and $2.81 billion in debtor financing („DIP financing“), which will be provided by the ad hoc group and LC`s loan periods for $1.2 billion. , $543 million of LC`s new capacity and an $800 million deployment for Superpriority Term Loans and $200 million for LC. LC lenders also agreed to provide extensive assistance to LC during chapter 11 and after departure. The RSA is supported by holders of about 74% of term loans in 2018, about 95% of LC receivables in 2021, about 85% of LC receivables in 2023, about 85% of private revolving debts and about 67% of priority bond receivables.

On January 21, 2020, McDermott filed his voluntary petitions in Chapter 11 of the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division. On January 23, 2019, McDermott received all the „first days“ it had requested, including the provisional approval of a $1.2 billion DIP loan facility of new loans, a new LC capacity of $543 million, and a $800 million launch of superpriority term loans and $200 million in cash credits , including 550 million new long-term loans and 300 million new loans are available. , available in the provisional state. The proceeds from the DIP funding will be used to support McDermott`s activities during the reorganization. On October 21, 2019, McDermott was the guarantor of McDermott Technology (Americas), Inc. („MTA“), McDermott Technology (US), Inc. („MTUS“) and McDermott Technology, B.V. („MTBV“), a wholly owned subsidiary of McDermott, as co-borrower, and various other subsidiaries, as guarantors (the „guarantors“), in the approval and Amendment No.

1 (the „Credit Agreement Amendment“) of the credit contract of May 10, 2018 (the „credit contract“). , MTUS and MTBV, as co-contractor, McDermott as guarantor, guarantors, a consortium of lenders and letters from credit issuers, Barclays Bank PLC as the administrative representative of the maturity facility under the credit contract and Crédit Agricole Corporate and Investment Bank as administrative representative for other facilities under the credit contract. Also on October 21, 2019, McDermott, as guarantor and MTA, MTUS and MTBV, co-plaintiffs, and the guarantors adopted certain amendments and approval.