MRC Global launches $399 million term loan at Libor plus 275-300 bps

By Sara Rosenberg

New York, May 15 – MRC Global Inc. held a lender call on Tuesday to launch a $399 million covenant-light term loan B due September 2024 that is talked at Libor plus 275 basis points to 300 bps with a 0% Libor floor and a par issue price, according to a market source.

The term loan has 101 soft call protection for six months, the source said.

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

Proceeds will be used to reprice an existing term loan down from Libor plus 350 bps with a 1% Libor floor.

Commitments are due at noon ET on Friday, the source added.

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

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