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MCDERMOTT INTERNATIONAL ANNOUNCES PLACEMENT OF SERIES C CUMULATIVE CONVERTIBLE PREFERRED STOCK

 NEW ORLEANS, July 7 /PRNewswire/ -- McDermott International, Inc. (NYSE: MDR) announced today that it has raised $140 million through the 144A private placement of its Series C Cumulative Convertible Preferred Stock.
 The shares issued are convertible into 4,077,900 shares of Common Stock.
 In the past three months, the company has redeemed nearly $240 million of high-coupon debt, which had an average interest rate of 11.77 percent. During the same period, new borrowing has totaled approximately $100 million. The sale of the new Convertible Preferred Stock is an additional step in an on-going program to lower the company's overall cost of capital, strengthen its balance sheet, and maintain financial flexibility.
 McDermott International, Inc. is a leading worldwide energy services company. The company and its subsidiaries manufacture steam-generating equipment, environmental equipment, and government and aerospace products. They also provide engineering and construction services for industrial and utility facilities onshore, and to the oil and gas industry offshore.
 -0- 7/7/93
 /CONTACT: Don Washington of McDermott, 504-587-4080/
 (MDR)


CO: McDermott International, Inc. ST: Louisiana IN: OIL SU:

RA-BR -- AT003 -- 8967 07/07/93 09:32 EDT
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Publication:PR Newswire
Date:Jul 7, 1993
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