PQ Group Holdings Announces Successful Repricing and Extension of Term Loan Facility
February 05 2020 - 12:00PM
Business Wire
PQ Group Holdings Inc. (NYSE:PQG), a leading integrated and
innovative global provider of specialty catalysts, materials,
chemicals, and services, announced today that its indirect, wholly
owned subsidiary, PQ Corporation (the “Company”) has successfully
secured commitments to amend its existing senior secured term loan
facility (the “Amended Term Loan Facility”) in an aggregate
principal amount of $947.5 million at a lower interest rate margin
and with an extended maturity. The Amended Term Facility will have
interest at a floating rate of LIBOR (with a zero percent minimum
LIBOR floor) plus 2.25 percent per annum, and will mature in
February 2027.
“2019 has been another year of strong free cash flow generation,
and we reduced our long-term debt by $110 million in the fourth
quarter and $215 million for the year. We are pleased to extend our
Term Facility by two years at a lower cost. Debt investors continue
to reward PQ with attractive borrowing rates given the stability
and resiliency of our portfolio and our consistent free cash flow,”
commented Mike Crews, PQ Executive Vice President and Chief
Financial Officer.
As a result of the refinancing, the Company expects to reduce
cash interest by approximately $2.4 million per annum. The
refinancing is expected to close on or about February 10, 2020,
subject to customary closing conditions.
Investor Contact: Nahla A. Azmy (610) 651-4561
Nahla.Azmy@pqcorp.com
About PQ Group Holdings Inc.
PQ Group Holdings Inc. and subsidiaries is a leading integrated
and innovative global provider of specialty catalysts, materials,
chemicals and services. We support customers globally through our
strategically located network of manufacturing facilities. We
believe that our products, which are predominantly inorganic, and
services contribute to improving the sustainability of the
environment.
We have four uniquely positioned specialty businesses:
Refining Services provides sulfuric acid recycling to the
North American refining industry; Catalysts serves the
packaging and engineering plastics and the global refining,
petrochemical and emissions control industries; Performance
Materials produces transportation reflective safety markings
for roads and airports; and Performance Chemicals supplies
diverse product end uses, including personal and industrial
cleaning products, fuel-efficient tires, surface coatings, and food
and beverage products.
We serve over 4,000 customers globally across many end uses and
operate over 70 manufacturing facilities which are strategically
located across six continents. For more information, see our
website at https://www.pqcorp.com.
Note on Forward-Looking Statements
Some of the information contained in this press release
constitutes “forward-looking statements.” Forward-looking
statements can be identified by words such as “anticipates,”
“intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,”
“projects” and similar references to future periods. These
forward-looking statements speak only as of the date of this
release. Factors or events that could cause our actual results to
differ may emerge from time to time, and it is not possible for us
to predict all of them. We undertake no obligation to update any
forward-looking statement, whether as a result of new information,
future developments or otherwise, except as may be required by
applicable law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200205005523/en/
Investor Contact: Nahla A. Azmy (610) 651-4561
Nahla.Azmy@pqcorp.com
PQ (NYSE:PQG)
Historical Stock Chart
From Mar 2024 to Apr 2024
PQ (NYSE:PQG)
Historical Stock Chart
From Apr 2023 to Apr 2024