MRC Global extends asset-based facility, reduces it to $1.05 billion

By Angela McDaniels

Tacoma, Wash., July 21 – MRC Global Inc. and some of its subsidiaries amended and restated their asset-based lending credit facility on Friday, according to an 8-K filing with the Securities and Exchange Commission.

The company reduced the total borrowing capacity to $1.05 billion to better align the facility’s capacity with eligible collateral, improved pricing on the U.S. and Canadian tranches by 25 basis points, extended the maturity date to July 18, 2019 and added and removed some additional borrowers.

As amended, the facility will now consist of the following revolving credit facilities:

• A $977 million U.S. tranche available in U.S. dollars;

• A $20 million Canadian tranche available in Canadian dollars and U.S. dollars;

• A $5 million U.K. tranche available in British pounds sterling, U.S. dollars and euros, and up to $5 million of which is available in other currencies subject to administrative approval;

• A $10 million Australian tranche available in Australian dollars, pounds, U.S. dollars and euros;

• A $4 million Dutch tranche available in U.S. dollars and euros;

• A $4 million Belgian tranche available in U.S. dollars and euros; and

• A $30 million Norwegian tranche available in pounds, U.S. dollars, euros and Norwegian kroner.

The interest rate on Libor loans made to U.S. borrowers and Canadian borrowers is Libor plus 125 basis points to 175 bps. The interest rate on Libor loans made to foreign borrowers other than Canadian borrowers is Libor plus 150 bps to 200 bps.

Bank of America, NA is the administrative agent.

MRC is a Houston-based distributor of pipe, valve, fittings and related products and services to the energy industry.

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