Brief: MRC Global Posts Prelim Q1 Revenue Of About $885 Mln

MRC Global

24/04/2023 12:45

April 24 (Reuters) - MRC Global Inc  MRC.N :
    * MRC GLOBAL ANNOUNCES PROPOSED REFINANCING OF SENIOR
SECURED TERM
LOAN B CREDIT AGREEMENT AND PROVIDES PRELIMINARY FIRST QUARTER
2023 FINANCIAL RESULTS
    * PRELIMINARY FIRST QUARTER 2023 REVENUE OF ABOUT $885
MILLION
    * PRELIMINARY FIRST QUARTER 2023 ADJUSTED EBITDA OF ABOUT
$69
MILLION, OR 7.8% OF SALES
    * FULL YEAR 2023 CASH FLOW FROM OPERATIONS CONTINUES TO BE
EXPECTED TO BE AT LEAST $120 MILLION
    * LAUNCHING EFFORT TO AMEND, EXTEND & REFINANCE $295 MILLION
UNDER
EXISTING SENIOR SECURED TERM LOAN B, SCHEDULED TO MATURE IN SEPT
2024
    * PRELIMINARY Q1 2023 NET INCOME OF ABOUT $33 MILLION
    * WILL SEEK TO ENTER INTO AN AMENDMENT EXTEND ITS CURRENT
TERM
LOAN B CREDIT AGREEMENT FOR AN ADDITIONAL FIVE YEARS
    * WILL SEEK TO ENTER INTO AN AMENDMENT TO INCREASE
OUTSTANDING
AMOUNT UNDER FACILITY FROM $295 MILLION TO $300 MILLION
    * EXPECTS TO USE PROCEEDS TO REFINANCE OUTSTANDING BALANCE
OF $295
MILLION UNDER ITS EXISTING SENIOR SECURED TERM LOAN B
    * FY2023 REVENUE VIEW $3.73 BILLION -- REFINITIV IBES DATA

Source text for Eikon:  ID:nGNX1rf4xx 
Further company coverage:  MRC.N 

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