MRC Global closes sale of Series A convertible perpetual preferred stock

MRC Global Inc. (NYSE: MRC), which provides pipe, valves, and fittings (PVF) and related products and services to the energy industry, has closed its offering of Series A convertible perpetual preferred stock to an affiliate of Cornell Capital LLC for $363 million. 

The company expects to use the net proceeds to pay down its term loan and asset based lending facility.  

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