MRC Global to redeem all 9½% senior notes via new credit facility

By Tali David

Minneapolis, Oct. 4 - MRC Global Inc. plans to use the proceeds of a new credit facility, together with a draw under its ABL facility, to redeem all of its 9½% senior secured notes due 2016, according to a news release.

"We are launching this refinancing effort to extend the maturity of our long-term debt and significantly reduce our interest expense by taking advantage of historically low interest rates in the debt markets. This can provide us a base for our capital structure for years to come," MRC chairman, president and chief executive officer Andrew Lane said in the release.

MRC Global is a Houston-based supplier of PVF products and services in energy and industrial markets.

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