Markets / Stocks

MRC Global, Lenders Agree to Trim Interest Rate for Senior Secured Term Loan

MRC Global (MRC) Friday said the lenders for its senior secured term loan B have agreed to reduce the interest rate margin for the basic credit facility by 50 basis points, or 20%, to 200 basis points.

The banks also agreed to trim the margin on its LIBOR-calculated loans by 50 basis points to 300 basis points while also halving the base rate floor for those loans to 1% and from 1% to 0% for the LIBOR floor, according to a regulatory filing tonight.

The company owed $396 million on the term loan at end of its most recent fiscal period on March 31.

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