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

MRC Global Inc 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.