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MRC Global Simplifies Capital Structure by Securing New $350 Million Term Loan B and Repurchasing Convertible Preferred Stock
MRCMRC (MRC) GlobeNewswire News Room·2024-10-29 20:15

HOUSTON, Oct. 29, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC), announced today that it has secured a new 350millionSeniorSecuredTermLoan"B"("TermLoan")maturingin2031.Theproceedsfromthisloan,andborrowingsfromtheasset−basedlendingfacilitywereusedtorepurchaseall363,000sharesofits6.50350 million Senior Secured Term Loan "B" ("Term Loan") maturing in 2031. The proceeds from this loan, and borrowings from the asset-based lending facility were used to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock for 361 million plus accrued dividends as part of an agreement with Mario Investments LLC, the holder of the preferred stock. Rob Saltiel, ...