Moody’s assigns B3 to MRC loan

Moody's Investors Service said it assigned a B3 rating to MRC Global (US) Inc.'s planned $300 million senior secured term loan.

MRC's B2 corporate family rating, B2-PD probability of default rating, B3 rating on its $295 million senior secured term loan, its speculative grade liquidity rating of SGL-2 and its stable outlook remain unchanged, the agency said.

MRC plans to use the proceeds to pay off the borrowings on its existing term loan and to cover associated fees and expenses. The rating on the existing term loan will be withdrawn when the refinancing is completed.

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