MRC Global Proposes Refinancing Of Credit Facility; Reports Solid Preliminary Q1 Earnings

• MRC Global Inc (NYSE: MRC) has proposed to amend, extend and refinance in full its $295 million in outstanding principal amount under its existing senior secured Term Loan B, scheduled to mature in September 2024.

• The company seeks to extend the credit agreement for an additional five years and increase the amount from $295 million to $300 million.

• Preliminary Q1 Results: MRC expects Q1 FY23 revenue of about $885 million, above the consensus of $848.67 million.

• The company foresees gross profit of approximately $179 million, or 20.2% of sales. The company sees Adjusted EBITDA of $69 million.

• MRC continues to expect FY23 cash flow from operations of at least $120 million.

• The company will release its full first quarter 2023 results on May 8, 2023, after the market close.

• Price Action: MRC shares are trading higher by 6.71% at $10.02 on the last check Monday.

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