Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for MRC Global Inc. > News item |
MRC Global readies launch of $750 million term loan for Tuesday
By Sara Rosenberg
New York, Oct. 4 - MRC Global Inc. is set to hold a bank meeting on Tuesday to launch a $750 million seven-year senior secured term loan B, according to a market source.
Goldman Sachs & Co., Bank of America Merrill Lynch, Barclays and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to help refinance $861 million in outstanding 9½% senior secured notes due 2016.
Other funds for the refinancing will come from borrowings under the company's ABL credit facility.
"We are launching this refinancing effort to extend the maturity of our long-term debt and significantly reduce our interest expense by taking advantage of historically low interest rates in the debt markets. This can provide us a base for our capital structure for years to come," said Andrew Lane, chairman, president and chief executive officer, in a news release.
MRC is a Houston-based distributor of pipe, valve, fittings and related products and services to the energy industry.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.