Edgen/Murray, L.P. and Its Subsidiaries, a Jefferies Capital Partners Portfolio Company, Announces Recapitalization and Refinancing of Debt

    BATON ROUGE, LA. & EDINBURGH, SCOTLAND, April 11 /CNW/ - Edgen/Murray,
L.P. ("Edgen Murray" or the "Company") announced today the proposed
recapitalization of the Company and refinancing of certain Company debt. The
transactions, which are subject to entry into definitive documentation and
customary closing conditions, are expected to close later this month.

    On April 10, 2007, Edgen Murray II, L.P., a new holding company formed by
Jefferies Capital Partners IV, L.P. and its general partner to recapitalize
and refinance the Company, entered into a commitment letter with Lehman
Brothers and Jefferies Finance LLC to provide $500 million in debt financing.
A portion of the net cash proceeds from the financing is expected to be used
to retire the long-term debt of the Company's subsidiaries, including all $136
million of Edgen Murray Corporation's 9 7/8% Senior Secured Notes due 2011,
all $130 million of Pipe Acquisition Finance Limited's Senior Secured Floating
Rate Notes due 2010 and any amounts outstanding under the senior credit
facilities of the Company's subsidiaries.

    Jefferies Capital Partners IV, L.P., other funds managed by Jefferies
Capital Partners, other institutional co-investors, and Edgen Murray
management, through subsidiaries of Edgen Murray II, L.P., are expected to
purchase the Company's subsidiaries from its existing partners, using cash
from a portion of the refinancing proceeds and equity financing proceeds. The
remainder of the net cash proceeds are expected to be used to for general
corporate purposes.

    About Edgen Murray

    Edgen Murray is a global distributor of high performance carbon and alloy
steel products for use primarily in specialized applications in the energy
infrastructure market, including the oil and gas, processing and power
generation industries. The products Edgen Murray distributes are highly
engineered prime carbon or alloy steel pipe, pipe components and high grade
structural sections and plates, which are designed to withstand the effects of
corrosive or abrasive material and possess performance characteristics
required in extreme operating conditions, including high pressure and high/low
temperature environments. Edgen Murray currently serves customers in more than
50 countries worldwide through 23 locations internationally, including 15 in
the United States, two in Canada, three in Europe/West Africa, two in
Asia/Pacific, and one in the Middle East. Additional information may be
obtained from Edgen Murray's website at www.edgenmurray.com.

    About Jefferies Capital Partners

    Jefferies Capital Partners is a New York-based private equity investment
firm with over US $1.0 billion in equity commitments under management. Since
1994, the professionals of Jefferies Capital Partners have invested in over 45
companies in industries where Jefferies Capital Partners has expertise.
Jefferies Capital Partners invests in management buyouts, recapitalizations,
industry consolidations and growth capital. Additional information may be
obtained from Jefferies Capital Partners' website at www.jefcap.com.

    Forward-Looking Statements: This press release contains forward-looking
statements. The forward-looking statements are based on Edgen Murray's current
expectations and beliefs concerning future developments and their potential
effects on Edgen Murray. There can be no assurance that future developments
affecting Edgen Murray will be those anticipated by Edgen Murray. These
forward-looking statements involve a number of risks, uncertainties and other
factors that may cause actual results to be materially different from those
expressed or implied in the forward-looking statements. Important factors that
could cause the statements made to differ include that the transactions are
subject to the entry into definitive documentation and a number of conditions
and approvals. Other important factors are discussed under the captions "Risk
Factors" and "Forward-Looking Statements" in Edgen Murray Corporation's Annual
Report on Form 10-K for the year ended December 31, 2006, and in subsequent
filings with the Securities and Exchange Commission made prior to or after the
date hereof. Edgen Murray undertakes no obligation to publicly update or
revise any forward-looking statements, whether as a result of new information,
future events or otherwise.

For further information:

For further information: Edgen/Murray, L.P. David L. Laxton, III

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