MRC Global Announces Closing of $750 Million Asset-Based Loan Facility

Core Viewpoint - MRC Global Inc. has successfully amended its asset-based revolving loan facility, extending its maturity to November 2029 with a committed borrowing capacity of $750 million [1][2]. Group 1: Financial Developments - The amended ABL maintains similar terms to the previous facility, with a borrowing rate of Term SOFR plus a margin between 1.25% and 1.75%, contingent on the company's fixed charge coverage ratio [1]. - The company also announced a new 7-year Term Loan B, which was utilized to fund the repurchase of convertible preferred stock, thereby strengthening its capital structure and reducing reliance on short-term capital markets [2]. Group 2: Company Overview - MRC Global is a leading global distributor of pipe, valves, fittings (PVF), and other infrastructure products and services, catering to diverse end-markets such as gas utilities, downstream, industrial, energy transition, and production and transmission sectors [2]. - With over 100 years of experience, MRC Global operates a robust digital platform and offers innovative supply chain solutions from a network of over 200 locations, including valve and engineering centers [2]. - The company provides over 300,000 SKUs from more than 8,500 suppliers, serving approximately 10,000 customers [2].