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JPMorgan, BofA Agent MRC Global Total $1.2B Financing

September 27, 2017

MRC Global closed a new $400 million seven-year senior secured term loan B and an amendment and extension of its global senior secured ABL facility, with a new size in the amount of $800 million. JPMorgan Chase was administrative agent and lead arranger for the term loan. Bank of America agented the ABL and Bank of America Merrill Lynch was lead arranger.

The term loan B matures in September 2024, and the ABL facility expires in September 2022. Under the term loan B, the company may elect to pay interest either at a rate based on LIBOR, subject to a floor of 1.00%, plus a 350 basis point margin, or at an alternative base rate.

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