Simpson Thacher represented JPMorgan, as Administrative Agent and Lead Arranger, in connection with MRC Global Inc.’s new senior secured term loan B facility in an aggregate principal amount of $350 million. MRC Global will use the proceeds of the facility and borrowings under its ABL facility to repurchase all 363,000 shares of its 6.50% Series A Convertible Perpetual Preferred Stock for $361 million plus accrued dividends as part of an agreement with Mario Investments LLC, the holder of the preferred stock.
MRC Global is a leading distributor of pipe, valves, and fittings (PVF) for energy, energy transition, gas utilities, and industrial applications. MRC Global provides critical products and services for every sector of the oil and gas industry, as well as for customers operating in the energy transition space.
The Simpson Thacher team included Andrew Lanius, Jason Hwang and Logan Harris (Banking and Credit); Jacob Durkin and Kwasi Mills-Bampoe (U.K. Banking and Credit); Timothy Gallagher (Real Estate); Jeanne Annarumma (ERISA); Michael Mann (Tax), Courtney Welshimer (Intellectual Property); and Michael Isby (Environmental).