MRC Global Inc.
Description
Will amend existing asset based lending facility (ABL), extending its maturity to 2022 and resizing. Proceeds from it, together with a draw on ABL facility, will repay outstanding existing term loan facility debts. This is part of effort to fully refinance the $414 million in outstanding senior secured term loans under its existing term loan B, scheduled to mature in November 2019. Also as part of effort, will seek entry into new, seven-year senior secured $400 million term loan B credit facility. Board of directors’ approval needed, among other conditions.