RBS Capital Extends, Increases Methanex Credit Facility
Methanex Corporation announced that it has finalized a new $400 million revolving credit facility with a syndicate of banks. The new facility expires in December 2016 and replaces the company’s existing revolving facility, which would have expired in mid-2015.
RBC Capital Markets was the arranger for the facility.
“Consistent with our prudent approach to financial management, we are committed to maintaining a strong financial position,” Ian Cameron, SVP Corporate Development and CFO of Methanex, said. “With cash balances of approximately $400 million at the end of the third quarter, cash proceeds from the recent $350 million bond issuance, this new undrawn $400 million credit facility, and no near-term refinancing requirements, we believe we are well positioned to invest to grow the company while continuing to meet our financial commitments.”
Vancouver-based Methanex supplies methanol to major international markets.