08:22 AM EDT, 10/15/2024 (MT Newswires) -- MRC Global ( MRC ) reported Tuesday preliminary Q3 revenue of about $797 million.

Analysts polled by Capital IQ are expecting $798.3 million.

The distributor of infrastructure products also said it is launching a $350 million term loan B financing to fund an agreement to repurchase 363,000 shares of its 6.50% series A convertible perpetual preferred stock from an investor.

MRC said it will pay approximately $361 million with accrued dividends through closing to repurchase the preferred stock from Mario Investments.

MRC plans to tap into its asset-based lending facility to fund the repurchase. The term loan B has an expected term of seven years, while MRC is pursuing an amendment to extend the ABL facility's term until 2029, the company said.

The company expects to report Q3 results on Nov. 5.

Shares were down more than 1% in recent premarket activity.

Price: 12.51, Change: -0.14, Percent Change: -1.11