MRC Global Announces Closing of $750 Million Asset-Based Loan Facility
MRC Global has announced the successful amendment of its asset-based revolving loan facility (ABL), extending its maturity to November 2029.
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Rhea-AI Summary
MRC Global has announced the successful amendment of its asset-based revolving loan facility (ABL), extending its maturity to November 2029. The amended ABL maintains a $750 million committed borrowing capacity with borrowing rates of Term SOFR plus 1.25% to 1.75% margin, based on the company's fixed charge coverage ratio. This transaction, combined with their recently announced 7-year Term Loan B, aims to strengthen the company's capital structure and reduce dependency on near-term capital markets for credit support.
Positive
- Extended ABL maturity to November 2029, providing long-term financial stability
- Maintained substantial $750 million borrowing capacity
- Reduced dependency on near-term capital markets for credit support
- Strengthened capital structure through combination of ABL and Term Loan B
Negative
- None.
Details
News Market Reaction – MRC
The recorded move for MRC in the trading session of this news was +0.15%.
Data tracked by StockTitan Argus. Session date unavailable.
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HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC), announced today that it has amended its asset-based revolving loan facility (“ABL”), extending its maturity to November 2029. The amended ABL has a committed borrowing capacity of
The terms of the ABL are substantially the same as the previous facility with a borrowing rate of Term SOFR plus a margin ranging from
Rob Saltiel, MRC Global President & CEO stated, “We are pleased to have successfully closed on our amended ABL credit facility with favorable terms and an extended maturity. This transaction, along with our new 7-year Term Loan B announced last week that helped fund the repurchase of our convertible preferred stock, strengthens our company’s capital structure and de-risks our dependence on near-term capital markets for credit support.”
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission 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 over 200 locations including valve and engineering centers. The company’s unmatched quality assurance program offers over 300,000 SKUs from over 8,500 suppliers, simplifying the supply chain for approximately 10,000 customers. Find out more at www.mrcglobal.com.
Contact:
Monica Broughton
VP, Investor Relations & Treasury
MRC Global Inc.
Monica.Broughton@mrcglobal.com
832-308-2847
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