MRC Global Inc. Enters into Fifth Amended and Restated Loan Agreement

On November 12, 2024, MRC Global Inc. (NYSE: MRC) disclosed in their recent 8-K filing that the company has entered into a Fifth Amended and Restated Loan, Security, and Guarantee Agreement. This agreement, known as the ABL Agreement, was established among the Company, certain subsidiaries, lenders, and Bank of America, N.A.

The ABL Agreement outlines the creation of a Global ABL Facility, a revolving credit facility with a maximum borrowing amount of $750.0 million. This facility is structured into jurisdiction-specific tranches, including U.S., Canadian, U.K., Australian, Dutch, Belgian, and Norwegian tranches.

The Global ABL Facility allows for incremental increases of commitments up to $250.0 million and has a scheduled maturity date of November 12, 2029. Borrowing is limited based on eligibility criteria such as accounts receivable, inventory values, and other stipulations specific to each facility.

The agreement contains provisions related to interest rates, commitment fees, voluntary prepayment options, and restrictive covenants. Furthermore, the obligations under the agreement are secured by assets of the borrowing entities and include guarantees from relevant subsidiaries.

The filing also disclosed the creation of a Direct Financial Obligation and a Regulation FD Disclosure, indicating that the Company has issued a press release confirming the details of the ABL Agreement.

The 8-K filing provided additional information through exhibits attached, including the Fifth Amended and Restated Loan, Security and Guarantee Agreement, and the Notice of Amendment and Confirmation of Intercreditor Agreement. These documents offer comprehensive insights into the terms and conditions outlined in the ABL Agreement.

MRC Global Inc. continues to strengthen its financial position and capital structure through this agreement, demonstrating a proactive approach to managing its financial obligations and maximizing its available credit facilities efficiently.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read MRC Global’s 8K filing here.

About MRC Global

MRC Global Inc, through its subsidiaries, distributes pipes, valves, fittings, and other infrastructure products and services in the United States, Canada, and internationally. It offers ball, butterfly, gate, globe, check, diaphragm, needle, and plug valves; other products, such as lined corrosion resistant piping systems, control valves, valve automation, and top work components; and valve modification services, including valve control extensions, welding, hydrotesting, painting, coating, x-raying, and actuation assembly.