McDermott granted access to $350m Tranche B financing

first_imgTranche B provides McDermott with a $250m Term Loan Facility and a $100m Letter of Credit Facility Image: McDermott to access $350m Tranche B financing under superpriority senior secured credit facility. Photo: courtesy of C Morrison from Pixabay. McDermott International has been granted access to the second tranche (“Tranche B”) of the $1.7 billion superpriority senior secured credit facility (the “Agreement”) announced on October 21, 2019. Tranche B provides McDermott with a $250 million Term Loan Facility and a $100 million Letter of Credit Facility. The Company expects to utilize the amounts available under Tranche B to continue financing working capital and support the issuance of required performance guarantees on new projects.McDermott also announced that it has entered into a forbearance agreement with holders of over 35 percent of McDermott’s 10.625 percent senior notes due 2024 (the “2024 Notes”). Under the terms of the forbearance agreement, the applicable holders of the 2024 Notes have agreed to forbear from exercising any rights related to the interest payment due on November 1, 2019, subject to certain conditions. The forbearance period extends through January 15, 2020, and may be extended further by a majority of the holders party to the forbearance agreement. McDermott is in discussions with additional holders of the 2024 Notes and anticipates that additional holders may execute the forbearance agreement in the coming days.The Tranche B funding is expected to allow McDermott to continue collaborative discussions regarding a long-term balance sheet solution. In connection with the Tranche B funding, the required lenders have agreed to amendments to the Agreement that would waive certain conditions and modify cross-default provisions in order to facilitate the Tranche B funding.McDermott continues to pursue the previously announced strategic alternatives process for Lummus Technology. Source: Company Press Releaselast_img read more

Gift of The Givers Plays its Part in Makhanda (Grahamstown)

first_imgA nation that takes care of its destitute, is a nation that instils in its people the ethos of active citizenship, of Ubuntu. This echo true for the citizens of Makhanda (Grahamstown) who reached out to Gift of the Givers for over the water crisis faced in the area.Settlers Dam is at 13%, water cannot be extracted from the last 10% due to high silt levels, effectively it has 3% reserves. Waainek Water Treatment Works that receives water from the very much smaller Howiesons Poort Dam had a problem with its pumping capacity due to electrical failure recently and was out of service for a few days.However, with rapidly dropping water levels in HP Dam, the Waainek Water Works will essentially shutdown. It supplies the West of the town with 8 Megaliters per day. The only feasible option is the James Kleynhans Water Works which is also compromised currently. It receives water from the Glen Melville Dam which in turn receives water from the Orange-Fish River scheme. But recent high content of mud that was released into the dam from the Fish River necessitated shutting down the pumps to allow for the mud to settle.Currently 80000 people in parts of Makhanda east and 19 streets in Makhanda West are without water. The municipality and residents are using water tankers and bottled water to compensate but the shortfall is huge.Days after the cry for help by the Makhanda community, the Gift of the Givers called on citizens across the country to assist. Dr Gideon Groenewald, Gift of the Givers specialist hydrologist, geologist, palaentologist, engaged the municipality to see what sustainable alternatives could be found in the immediate to medium term as work continues to double the capacity of the James Kleynhans Water Works to 20 Megalitres by 2020.On the 13th February 2019, distribution of water and siting of boreholes took place. There were jubilant shouts of “amanzi”, with faces beaming in disbelief as people ran towards the Gift of the Givers trucks entering Grahamstown. Nine days of no water, nine days of desperation. The crowds, including many university students, gathered outside the municipality eagerly awaiting whatever they could get. Our teams commenced delivery whilst Dr Gideon Groenewald, Gift of the Givers hydrologist, briefed the media on the drought issue.Dr Groenewald gave the municipality an in-depth presentation on various aspects of the drought with specific solution-oriented options focusing on boreholes as an immediate intervention for medium to long term relief.After the presentation, Gift of the Givers teams distributed water in the water starved communities whilst Dr Groenewald commenced his “search” for underground water.A special thank you to the magnificent team work, co-operation and commitment of the Municipality, SAPS, SANDF, RTI, volunteers and the community and a special thanks to generous South Africans.Contributions can still be made into Gift of the Givers, Standard Bank, Account Number 052137228, Branch Code 057525, ref. Drought, will be accepted. To obtain Section 18A tax benefit certificate please send proof of payment to [email protected] toll-free on 0800786911. Visit our website and Facebook page for updates.last_img read more

FIFA selected good hosts

first_imgIf you thought only digesting losses on the sporting field was tough, you should have tuned in to the FIFA World Cup bids for 2018 and 2022 which were won by Russia and Qatar respectively.While the whole process of (s) electing which country would be given the right to host the high profile World Cup did not take much time, it left England in tears as they had almost taken it for granted that their bid was the best.Almost two days after the Englishmen have been brought down to terra firma, the big point remains that nothing can be taken for granted in high profile bids like this. I am not one bit surprised by the reactions which have come from the Englishmen, be it the average football lover or their own media.Words like “rigging”, ” mafia” and so on are being mentioned openly and so are insinuations about the process of choosing a host nation being flawed. My point is the 22 members who were part of the FIFA committee must have gone by some facts, figures and projections before taking such big decisions. That England went out in the first round with only two votes, one of them from an Englishman, is a big message about their own popularity.The English bid was supposed to have been comprehensive with solid financial projections. But what can be understood from the voting pattern is that England was not at all popular and since the event had to be allotted to a European country, Russia got it.advertisementIf one flips through the list of countries which have hosted the FIFA World Cup since 1930, with the first edition held in Uruguay, it is clear the event stayed in Europe or South America. There was a departure in 1994, when the United States of America got to host it.I still remember what I saw on television. There seemed to be a total lack of interest in the World Cup. It certainly was not the best advertisement for football as the world saw it.Again, after 1994, the host countries were France (1998), South Korea and Japan (2002), Germany (2006) before South Africa came up as a surprise host for the 2010 World Cup.It is well known that when South Africa was chosen, there was anger, jealousy and outrage among so many countries. It was as if South Africa was the worst possible choice with doubts over their organisation skills. Memories of the 2010 FIFA World Cup are still fresh. From Shakira’s ‘ Waka Waka’ at the opening ceremony to pulsating matches day in and day out, South Africa showed the world what it was capable of.If Russia has been chosen, FIFA knows that the World Cup is still in Europe only, though England will never reconcile. At a time when not just Englishmen but others are also demanding that the people who choose host nations should be larger in number, I think the present style is fine.As soon as Russia got the nod, it was time to look at 2022. Again, Asia was counting its chances and the Aussies thought they would have a good chance. But there were a couple of tricks played and how Qatar was chosen is something which can be debated for a long time.It does not require rocket science to understand that FIFA boss Sepp Blatter is a very shrewd man. He knows in the name of broad- basing the sport, the World Cup is bound to travel to newer continents.So when the Middle East as a region was looked at, Qatar had to be picked. It is here the role played by Asian Football Confederation president Mohamed Bin Hammam came into focus.When one factors the AFC’s might in terms of votes it has, there are 46 members. Surely, Blatter must have factored that when the next FIFA elections take place in 2014, the AFC countries will be behind him.Call it a masterstroke or the art of booking votes for the future, it’s not just politicians but sports administrators who play their cards well.You may crib about Qatar being conservative and so on and how there are restrictions on alcohol in public. If you look at the other side, minus the European lager louts, handling the crowds will be easier in Qatar.Agreed, temperatures hover above 45 degrees centigrade but it’s not like that all the time in Qatar. When you see Europe under snow now and football still being played, you know what this sport is all about.There is big money in Qatar and you can be sure they will splurge in such a big way, the World Cup infrastructure will be top- class.advertisementThey have held big sporting events before and the Doha Asian Games in 2006 was a big success.Henceforth, the heavyweights in Europe, North America and Australia will do well to realise that there is a big change now in the way giant sporting bids are being decided.If the USA could lose two successive Olympic bids and Rio got the nod for the 2016 Olympic Games, the FIFA World Cups of the future are indeed going to be defining. And the losing nations should stop whining!last_img read more

10 months ago​Sheffield Wednesday up for sale

first_imgTagsEnglish ChampionshipAbout the authorIan FerrisShare the loveHave your say ​Sheffield Wednesday up for saleby Ian Ferris10 months agoSend to a friendShare the loveSheffield Wednesday owner Dejphon Chansiri says he is putting the Championship club up for sale, reports BBC Sport.The Thai businessman, who bought the Owls in 2015, told a fans’ forum he would put the club on the market.The Owls are currently 18th in the Championship, with fans unhappy with manager Jos Luhukay, and were under a transfer embargo which ended in August.”I will put this club on the market. I believe many people want to buy,” Chansiri told the forum.The last available financial figures show the Owls lost more than £20m in 2016-17, an increase of £15m on the previous year.”The EFL changed the regulations at the end of last season. We didn’t just break (FFP rules) a little, we broke them a lot – eight figures,” he added to the forum.”We have problems with FFP, so it is hard, but we will try our best.”I am not looking to next season, I am looking now to solve FFP and how we can make this season as good as we can.”If we can solve those problems now, then next season can be better.” last_img read more

Report: Tennessee’s Marquez North Not Enrolled In Classes For Spring Semester

first_imgMarquez North of Tennessee Injured.Marquez North Tennessee Injury RumorMarquez North did not live up to expectations as a junior, catching only six passes in seven games this season, but he still may have played his last game in Knoxville. According to the Knoxville News Sentinel, Tennessee spokesman Ryan Robinson confirmed that North is not enrolled at UT this semester. While it has not been confirmed that he will test the NFL Draft waters, one would assume that is the move for North now. Beat writer Dustin Dopirak shared more on Friday.… Obviously, others have reported that North has hired an agent and entered the draft. We have not been able to confirm that.— Dustin Dopirak (@TennesseeBeat) January 15, 2016Tennessee athletics has said repeatedly all this week that it does not know North’s plans.— Dustin Dopirak (@TennesseeBeat) January 15, 2016His high school coach, Mike Palmieri, told me last night he hadn’t heard anything about North leaving.— Dustin Dopirak (@TennesseeBeat) January 15, 2016But right now, the one thing we can say definitively is that North is not enrolled for the spring semester.— Dustin Dopirak (@TennesseeBeat) January 15, 2016One more note on North, just so you guys know I’m trying. The NFL doesn’t release the names of underclass draft entrants for another week…— Dustin Dopirak (@TennesseeBeat) January 15, 2016… and it won’t confirm or deny any players who have declared before that time.— Dustin Dopirak (@TennesseeBeat) January 15, 2016North’s apparent decision to leave college is a strange one. He does have the size to be a big target at that level—he’s listed at 6-foot-3, 229 pounds—but the production wasn’t anywhere near what was expected out of him. We should know more about this situation in the coming days.[KnoxNews.com]last_img read more

Shamattawa First Nation declares state of emergency after fire guts store band

first_img(The grocery store and band office in Shamattawa First Nation was gutted by fire Thursday. Photo courtesy Roy Miles)Dennis WardAPTN National NewsThe Chief of a northern Manitoba First Nation has declared a state of emergency after a fire destroyed the only grocery store, the band office, 911 call centre ‎and radio station.The fire has also resulted in the loss of Internet service in the remote northern community, something Chief Jeffrey Napaokesik says the community relies on heavily.Reports of the fire first came in Thursday afternoon when many in the community were attending a funeral.When reached by phone Thursday night, the chief said the fire continues to burn.He said the immediate concern is getting an emergency supply store set up as soon as possible on Friday.Photo Courtesy Roy Miles.Napaokesik said most members of the community are on social assistance and live day to day. There will be an immediate need for things like water and baby formula.There will be an immediate need for things like water and baby formula.Shamattawa First Nation is a fly-in community with about 1,000 members 750 kilometres northeast of Winnipeg.Officials from the Northwest Company are due in Shamattawa in the morning with supplies for an emergency store that will be established.The chief said things are calm right now but expects people to wake up in a panic in the morning.Officials will be going door to door in the morning to explain how things will be handled.The chief said at the moment nobody appears to be missing or have been caught in the fire.He says it’s too early to know how the fire [email protected]last_img read more

Fort St John man busted at wheel of bait car in Kelowna

first_imgKELOWNA, B.C. — A man originally from Fort St. John was arrested in Kelowna on Sunday evening after he allegedly stole a Bait Car. At around 9:50 p.m. last Sunday,  members of the Kelowna RCMP members were advised by dispatcher that one of the city’s Bait Cars had been activated. Dispatch was able to provide live video feed updates to pursuing officers as the male suspect drove northbound towards Lake Country.Members from the Lake Country Detachment were advised of the vehicle’s location, and once police were in position the vehicle’s engine was disabled. The driver was taken into police custody without incident. 37-year-old Kenneth William Fawcett of Fort St. John has been charged with theft of a motor vehicle and driving while prohibited.  Kelowna RCMP Cst. Lesley Smith said in a release that Fawcett is “a well known Prolific Offender and has a lengthy criminal record for vehicle thefts and other property related offences. In any given community prolific offenders account for 80 percent of all crime committed. Be rest assured our members will continue to identify, locate and arrest these individuals and hold them accountable for the crimes they have committed.”It’s not know whether Fawcett has been released from custody, or when he is due to make his next court appearance.last_img read more

Opinion Switching sports as a pro is an option in order to

Seattle Seahawks quarterback Russell Wilson (3) briefly took part in the Texas Rangers spring training.Credit: Courtesy of TNSOne thing’s for sure: football isn’t good for your long-term health.As exhibited by the early retirement of former San Francisco 49ers linebacker Chris Borland this month, there are better long-term options than repeatedly smashing year head, with or without a helmet. The issue of concussions in football — especially the NFL — has sparked debate far and wide in recent years, with retirements like Borland’s providing a somewhat positive example of a solution.Then there’s the grim incidents related to concussions — like the suicide of Hall of Fame linebacker Junior Seau.Of course any athlete would like to avoid serious brain damage, but many aren’t willing to give up their millions like Borland. NFL players are in the NFL for one obvious reason: they’re good at football. In many cases, they’re better at football than anything else.But that all starts with one thing: athletic talent.So Chris Borland — who played just one year in the NFL — is passing on his most obvious career path early in order to promote his own health later in life.He might have a plan worked out, but it probably won’t be as lucrative as the salary of a star NFL linebacker.If an athlete is talented enough to make it in the NFL, there’s a chance they could stay on the field by switching to a new sport.Seattle Seahawks quarterback Russell Wilson, who has a win and a loss in the past two Super Bowls, has been spending some time with the Texas Rangers during their spring training workouts. Wilson is a former minor league baseball player with major league talent.It’s widely accepted that he’s simply working out with the Rangers — who own his MLB draft rights — for fun. But when it comes to long-term health, wouldn’t Wilson be better off switching to baseball now?My guess is it would only take one player switching sports, especially if that player was in the spotlight as much as Wilson. If the former N.C. State and Wisconsin quarterback decided to hang up his football helmet and grab his baseball glove, he could spark a brand-new trend.There’s no doubt injuries still happen in baseball, but there’s also no doubt injuries to the head are less prevalent.Now I know there are a select few NFL players who could successfully switch to baseball, but if it becomes anything close to a trend, that tendency could trickle down to younger ages.There’s a good chance the only way to eliminate the risk of football-related brain injuries is to quit playing football. If young kids start seeing their football heroes switching sports, they’d be much more likely to pick baseball, basketball, soccer or any other sport over football.Nobody wants one concussion, and the idea of life-altering brain injuries is even worse.I can’t say I want to see football go away completely — I love the sport — but I can say I’d be curious to see what happens if Wilson chose to switch sports full time.Maybe nothing would change, or maybe the next Odell Beckham Jr. — a former United States Men’s National Soccer Team prospect — will be suiting up for the 2022 World Cup instead of Super Bowl LVI. read more