MRC Global Announces Closing of $750 Million Asset-Based Loan Facility
MRC Global has announced the successful amendment of its asset-based revolving loan facility (ABL), extending its maturity to November 2029. The amended ABL maintains a $750 million committed borrowing capacity with borrowing rates of Term SOFR plus 1.25% to 1.75% margin, based on the company's fixed charge coverage ratio. This transaction, combined with their recently announced 7-year Term Loan B, aims to strengthen the company's capital structure and reduce dependency on near-term capital markets for credit support.
MRC Global ha annunciato con successo la modifica della sua linea di credito revolving basata su attivi (ABL), estendendo la scadenza a novembre 2029. L'ABL modificata mantiene una capacità di prestito impegnata di 750 milioni di dollari con tassi di interesse pari a Term SOFR più un margine compreso tra 1,25% e 1,75%, basato sul rapporto di copertura delle spese fisse dell'azienda. Questa operazione, combinata con il recente prestito a termine B di 7 anni, mira a rafforzare la struttura del capitale dell'azienda e a ridurre la dipendenza dai mercati dei capitali a breve termine per il supporto creditizio.
MRC Global ha anunciado la modificación exitosa de su línea de crédito revolvente basada en activos (ABL), extendiendo su vencimiento a noviembre de 2029. El ABL modificado mantiene una capacidad de préstamo comprometida de 750 millones de dólares con tasas de interés de SOFR a plazo más un margen de 1,25% a 1,75%, basado en el ratio de cobertura de gastos fijos de la empresa. Esta transacción, combinada con su reciente préstamo a plazo B de 7 años, tiene como objetivo fortalecer la estructura de capital de la empresa y reducir la dependencia de los mercados de capital a corto plazo para el apoyo crediticio.
MRC Global은 자산 기반 리볼빙 대출 시설(ABL)의 성공적인 수정안을 발표하며 만기를 2029년 11월로 연장했습니다. 수정된 ABL은 고정 차입금 커버리지 비율에 따라 7억 5천만 달러의 전념 차입 한도와 1.25%에서 1.75%의 마진 금리를 유지합니다. 이 거래는 최근 발표된 7년 만기 Term Loan B와 결합하여 회사의 자본 구조를 강화하고 단기 자본 시장에 대한 의존도를 줄이는 것을 목표로 합니다.
MRC Global a annoncé la modification réussie de sa facilité de crédit revolving basée sur les actifs (ABL), prolongeant son échéance jusqu'en novembre 2029. L'ABL modifié maintient une capacité d'emprunt engagée de 750 millions de dollars avec des taux d'intérêt de SOFR à terme plus une marge de 1,25 % à 1,75 %, basée sur le ratio de couverture des charges fixes de l'entreprise. Cette opération, combinée à leur prêt à terme B de 7 ans récemment annoncé, vise à renforcer la structure du capital de l'entreprise et à réduire la dépendance vis-à-vis des marchés des capitaux à court terme pour le soutien au crédit.
MRC Global hat die erfolgreiche Änderung seiner aktienbasierten revolvierenden Kreditfazilität (ABL) bekannt gegeben und die Fälligkeit bis November 2029 verlängert. Die geänderte ABL behält eine zugesagte Kreditlinie von 750 Millionen Dollar bei, mit Kreditkonditionen, die aus dem Term SOFR zuzüglich eines Margen von 1,25% bis 1,75% bestehen, basierend auf dem festen Kostendeckungsgrad des Unternehmens. Diese Transaktion, kombiniert mit dem kürzlich angekündigten 7-jährigen Term Loan B, zielt darauf ab, die Kapitalstruktur des Unternehmens zu stärken und die Abhängigkeit von kurzfristigen Kapitalmärkten zur Kreditunterstützung zu verringern.
- Extended ABL maturity to November 2029, providing long-term financial stability
- Maintained substantial $750 million borrowing capacity
- Reduced dependency on near-term capital markets for credit support
- Strengthened capital structure through combination of ABL and Term Loan B
- None.
Insights
The
- Eliminates near-term refinancing risk by extending debt maturities
- Removes the overhang from convertible preferred stock, simplifying the equity structure
HOUSTON, Nov. 12, 2024 (GLOBE NEWSWIRE) -- MRC Global Inc. (NYSE: MRC), announced today that it has amended its asset-based revolving loan facility (“ABL”), extending its maturity to November 2029. The amended ABL has a committed borrowing capacity of
The terms of the ABL are substantially the same as the previous facility with a borrowing rate of Term SOFR plus a margin ranging from
Rob Saltiel, MRC Global President & CEO stated, “We are pleased to have successfully closed on our amended ABL credit facility with favorable terms and an extended maturity. This transaction, along with our new 7-year Term Loan B announced last week that helped fund the repurchase of our convertible preferred stock, strengthens our company’s capital structure and de-risks our dependence on near-term capital markets for credit support.”
About MRC Global Inc.
Headquartered in Houston, Texas, MRC Global (NYSE: MRC) is the leading global distributor of pipe, valves, fittings (PVF) and other infrastructure products and services to diversified end-markets including the gas utilities, downstream, industrial and energy transition, and production and transmission sectors. With over 100 years of experience, MRC Global has provided customers with innovative supply chain solutions, technical product expertise and a robust digital platform from a worldwide network of over 200 locations including valve and engineering centers. The company’s unmatched quality assurance program offers over 300,000 SKUs from over 8,500 suppliers, simplifying the supply chain for approximately 10,000 customers. Find out more at www.mrcglobal.com.
Contact:
Monica Broughton
VP, Investor Relations & Treasury
MRC Global Inc.
Monica.Broughton@mrcglobal.com
832-308-2847
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