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MRC Global launches $750 million term loan at Libor plus 400 bps
By Sara Rosenberg
New York, Oct. 9 - MRC Global Inc. launched its $750 million seven-year senior secured term loan B (B2/B) on Tuesday with price talk of Libor plus 400 basis points with a 1.25% Libor floor and an original issue discount of 99, according to a market source.
The loan has 101 soft call protection for one year, the source said.
Commitments are due on Oct. 19.
Goldman Sachs & Co., Bank of America Merrill Lynch, Barclays and Wells Fargo Securities LLC are the lead banks on the deal.
Proceeds will be used to help refinance $861 million in outstanding 9½% senior secured notes due 2016.
Other funds for the refinancing will come from borrowings under the company's ABL credit facility.
MRC is a Houston-based distributor of pipe, valve, fittings and related products and services to the energy industry.
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