McJunkin Red Man Corp. (MRC) has announced the completion of its offering of USD 1 billion aggregate principal amount of 9.50% Senior Secured Notes due 2016. The company received net proceeds of USD 957.8 million.
Net proceeds from the sale of the Notes, together with available cash on hand, were used to repay USD 977 million of outstanding indebtedness. The Notes are guaranteed by McJunkin Red Man Holding Corp., MRC’s parent company (MRMHC), and by all of MRC’s domestic subsidiaries, and are secured by a senior lien on substantially all of MRC’s assets (other than assets which secure MRC’s revolving credit facility) and a junior lien on the assets which secure MRC’s revolving credit facility.
The Notes were sold in a private offering that was exempt from the registration requirements of the Securities Act of 1933, as amended. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the notes in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. MRC also announced the appointme