McDermott International Ltd. ("McDermott" or the "Company") announced that it has reached an agreement with the holders of a majority of its Series A Preference Shares ("Series A Preference Shares"), par value $0.001 per share, to voluntarily redeem or exchange all Series A Preference Shares into the Company's Class A ordinary shares ("Class A Ordinary Shares"), $0.001 par value per share (the "Preference Share Transaction").
"We believe the approval of the Preference Share Transaction by holders of our Series A Preference Shares reflects their strong support of, and confidence in, the Company," said Travis Brantley, McDermott Chief Financial Officer. "This transaction simplifies our capital structure in a meaningful way and will benefit the Company and all shareholders by creating optionality and advancing our long-term strategy."
The Preference Share Transaction will become effective following the approval of a series of proposals (the "Proposals") at a Special General Meeting of the members of the Company scheduled for December 2, 2024, and as further described in the Company's proxy statement and other materials relating to the Special General Meeting.
The Preference Share Transaction itself is not subject to the approval of the members. Pursuant to the Preference Share Transaction, the outstanding Series A Preference Shares will be redeemed or exchanged for approximately 2.9 billion ordinary shares.
