PQ Group Holdings Announces Proposed Full Redemption of 2022 $625 Million Senior Secured Notes
June 22 2020 - 10:00AM
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 “Issuer”), is proposing to
redeem all of its outstanding $625 million aggregate principal
amount of 6.75% Senior Secured Notes due 2022 (the “2022 Notes”) on
July 22, 2020 (the “Redemption Date”), subject to, and conditioned
upon, the receipt by the Issuer no later than the Redemption Date
of net proceeds from one or more debt financings on terms and
conditions satisfactory in all respects to the Issuer in its sole
discretion that are sufficient, together with cash on hand, to pay
the aggregate redemption price of, and accrued and unpaid interest
to the date of redemption on, the 2022 Notes, as well as associated
fees and expenses (the “Redemption Condition”). This press release
does not constitute a notice of redemption of, or an obligation to
issue a notice of redemption of, the 2022 Notes. The Redemption
Date may be extended by the Issuer pending satisfaction of the
Redemption Condition. If the Redemption Condition is not satisfied,
the Issuer is not required to redeem the 2022 Notes and they may
remain outstanding.
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 include statements regarding the intended redemption of
the 2022 Notes and any debt financing in connection therewith.
Forward-looking statements can be identified by words such as
“anticipates,” “intends,” “plans,” “seeks,” “believes,”
“estimates,” “expects,” “projects” and similar references to future
periods. Forward-looking statements are based on our current
expectations and assumptions regarding our business, the economy
and other future conditions. Because forward-looking statements
relate to the future, they are subject to inherent uncertainties,
risks and changes in circumstances that are difficult to predict,
including the ability to raise proceeds sufficient to fund the
redemption of the 2022 Notes. Our actual results may differ
materially from those contemplated by the forward-looking
statements. We caution you, therefore, against relying on any of
these forward-looking statements. They are neither statements of
historical fact nor guarantees or assurances of future performance.
Important factors that could cause actual results to differ
materially from those in the forward-looking statements include,
but are not limited to, our ability to consummate one or more debt
financing transactions on terms acceptable to us or at all,
regional, national or global political, economic, business,
competitive, market and regulatory conditions, including the
ongoing COVID-19 pandemic, tariffs and trade disputes, currency
exchange rates and other factors, including those described in the
sections titled “Risk Factors” and “Management Discussion &
Analysis of Financial Condition and Results of Operations” in our
filings with the SEC, which are available on the SEC’s website at
www.sec.gov. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200622005401/en/
Investor Contact: Nahla A. Azmy (610) 651-4561
Nahla.Azmy@pqcorp.com
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