McJunkin Red Man plans $450 million holdco term loan, $50 million revolver add-on

By Sara Rosenberg

New York, April 29 - McJunkin Red Man Corp. is planning on coming to market soon with a $450 million holdco term loan and a $50 million upsizing to its ABL revolver, according to market sources.

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

Proceeds from the term loan, along with a $25 million revolver draw, will be used to fund a $475 million dividend to Goldman Sachs Partners, sources said.

Following the upsizing, the ABL revolver will have a total size of $700 million.

The deal is expected to close in the second quarter.

McJunkin Red Man is a Charleston, W.Va., distributor of pipe, valves and fittings.

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