McJunkin to launch $700 million credit facility Thursday

By Sara Rosenberg

New York, Jan. 8 - McJunkin Corp. is scheduled to hold a bank meeting on Thursday to launch its proposed $700 million credit facility, according to a market source.

Goldman Sachs and Lehman are the lead banks on the deal, with Goldman the left lead.

The facility consists of a $125 million ABL revolver and a $575 million term loan B, the source said.

Proceeds will be used to help fund Goldman Sachs Capital Partners' acquisition of the company.

Of the total revolver amount, $75 million will be funded at close.

McJunkin is a Charleston, West Va., distributor of industrial and oilfield supplies.

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