UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2007
McDERMOTT INTERNATIONAL, INC.
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(Exact name of registrant as specified in its charter)
REPUBLIC OF PANAMA 001-08430 72-0593134
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(State or other (Commission (IRS Employer
jurisdiction File Number) Identification No.)
of incorporation)
777 N. Eldridge Parkway, Houston, Texas 77079
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(Address of principal executive offices) (Zip Code)
Registrant's Telephone Number, including Area Code: (281) 870-5901
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(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions:
|_| Written communications pursuant to Rule 425 under the Securities Act (17
CFR 230.425)
|_| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
|_| Pre-commencement communications pursuant to Rule 14d-2(b) under the
Exchange Act (17 CFR 240.14d-2(b))
|_| Pre-commencement communications pursuant to Rule 13e-4(c) under the
Exchange Act (17 CFR 240.13e-4(c))
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Item 1.01 Entry into a Material Definitive Agreement.
On October 29, 2007 BWX Technologies, Inc. entered into the fifth amendment (the
"Amendment") to its credit facility dated December 9, 2003 with a syndicate of
lenders arranged by Calyon New York Branch (as amended to date, the "BWXT Credit
Facility").
The Amendment provides for decreases in the applicable margins for revolving
loans and letters of credit, depending on BWXT's Leverage Ratio, as more fully
set forth in the BWXT Credit Facility.
The foregoing summary is qualified in its entirety by reference to the complete
text of the Amendment, which is attached as Exhibit 10.1 to this report and
incorporated by reference herein.
Item 2.03 Creation of a Direct Financial Obligation
The information provided under Item 1.01 above is incorporated by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
10.1 Fifth Amendment to Revolving Credit Agreement, dated as of October
29, 2007, by and among BWX Technologies, Inc., BWXT Services, Inc.,
BWXT Federal Services, Inc., the lenders referred to therein and
Calyon New York Branch, as administrative agent.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
McDERMOTT INTERNATIONAL, INC.
By: /s/Dennis S. Baldwin
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Dennis S. Baldwin
Vice President and Chief Accounting Officer
November 1, 2007