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MRC Global Secures New $350 Million Term Loan B and Repurchases Convertible Preferred Stock

Oct 29, 2024over 1 year ago

Contract Type

contract

TexasManufacturingEnergyOil And GasRenewable Energy

Description

MRC Global Inc. announced the securing of a new $350 million Senior Secured Term Loan “B” that will mature in 2031. The proceeds from the loan and borrowings from the asset-based lending facility were used to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock for $361 million plus accrued dividends as part of an agreement with Mario Investments LLC, the holder of the preferred stock. These transactions are expected to simplify the company's capital structure and eliminate potential equity dilution through the conversion of the preferred shares into common stock

Company Information

Company

MRC Global

Location

Texas, United States

About

MRC Global is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services. Headquartered in Houston, Texas, MRC Global serves diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission infrastructure sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise, and a robust digital platform from a worldwide network of 214 locations including valve and engineering centers.

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