(World Oil) – McDermott has completed a comprehensive refinancing that includes $500 million in equity financing and a $550 million senior secured bond issuance, strengthening its balance sheet as the engineering and construction company executes its global project backlog.The $500 million equity financing was completed through a rights offering to existing shareholders. McDermott said the offering was 97% subscribed by Class A ordinary shareholders, with the remainder completed through related backstop commitments.The company also issued $550 million in senior secured bonds in the Nordic market. The bonds mature in 2031.Additional components of the refinancing include a new long-term letter of credit and guarantee facility and a revolving credit facility. McDermott did not disclose the values of those facilities.Collectively, the transactions are intended to extend McDermott’s maturity profile, reduce balance-sheet leverage and provide longer-term financing certainty as the company executes existing projects and pursues new opportunities.“This refinancing reflects the continued support and confidence our shareholders, lenders and bond investors have shown in our strategy, performance and future,” said Michael McKelvy, McDermott CEO and chairman.McKelvy added that the transaction provides a financial foundation for the company to build on its project execution and pursue continued growth.