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MRC Global Secures New $350 Million Term Loan B and Repurchases Convertible Preferred Stock
Contract Type
contract
TexasManufacturingEnergyOil And GasRenewable EnergyDescription
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