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McJunkin Seeks Loans to Refinance; Internap Raising Buyout Debt

McJunkin Red Man Corp., a supplier of pipe, valves and fitting products, is seeking a $794 million loan to refinance debt. Internap Network Services Corp. is raising debt to fund the acquisition of cloud provider iWeb.

McJunkin, based in Houston, is offering to pay 4 percentage points more than the London interbank offered rate on a term loan B that has the same maturity as its existing loan, with a 1 percent minimum on the lending benchmark, according to a person with knowledge of the offering, who asked not to be identified because the information is private. The interest will drop to 3.75 percentage points more than Libor when total leverage falls below 2.5 times.

Internap is seeking a $300 million six-year term loan and a $50 million revolving line of credit to complete its purchase of iWeb in a deal valued at about $145 million and to refinance debt, according to data compiled by Bloomberg.

Leveraged loans in the U.S. have gained 4.5 percent this year, according to the Standard & Poor’s/LSTA U.S. Leveraged Loan 100 index this year. The price on the largest first-lien loans rose 0.04 cent to 98.17 cents on the dollar today.

Intermediate Capital Group Plc, an asset manager that oversees 13 billion euros ($18 billion), is increasing investments in European leveraged loans because they offer better value than high-yield bonds.

Patriot Coal

Patriot Coal Corp. won court approval of the terms of a reorganization that will allow it to exit bankruptcy with fewer retiree obligations, saving $130 million annually for the next four years.

U.S. Bankruptcy Judge Kathy Surratt-States in St. Louis today approved the company’s disclosure statement, which gives creditors the details of the exit plan so they can vote on it. The plan includes an agreement with Peabody Energy Corp. that will compensate retired miners for health-care benefits, which the judge also approved today.

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