MRC Global sets $400 million term loan B at Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 14 – MRC Global Inc. firmed pricing on its $400 million senior secured seven-year term loan B (B+) at Libor plus 350 basis points, the low end of the Libor plus 350 bps to 375 bps talk, according to a market source.

As before, the term loan has a 1% Libor floor, an original issue discount of 99.75 and 101 soft call protection for six months.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used with a draw under an existing asset-based facility to refinance a $414 million senior secured term loan B due November 2019.

The company expects to amend the existing asset-based facility to change the size to $800 million and extend the maturity to 2022.

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

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