Eco Material Technologies, a producer, marketer and distributor of supplementary cementitious materials and producer of green cement products in North America, closed an $800 million term loan credit facility that matures in February 2032 and provides Eco Material with enhanced financial flexibility and support for its strategic initiatives.
“We are very excited to close this new green term loan facility, which provides us with significant incremental capital to invest in our market leading suite of technology enabled green supplementary cementitious material manufacturing and harvesting facilities,” Grant Quasha, CEO of Eco Material, said. “This raise comes from a position of strength and reflects our strong performance over the past year and robust pipeline of projects. We appreciate the ongoing support from our existing lenders, resulting in an oversubscribed raise and are excited for the growth in front of us as we push towards our goal of decarbonizing the cement and concrete sectors in North America by doubling our business to 20 million tons per year of SCM production and recycling.”
Jefferies Finance, Deutsche Bank Securities and Mizuho Bank acted as joint lead arrangers and joint bookrunners on the transaction. Jefferies Finance also serves as the administrative agent and the collateral agent.
Approximately $665 million of the proceeds of the green term loan facility were used to redeem the company’s existing 7.875% senior secured green notes due 2027 and the remainder will be used for working capital needs and other business purposes.
Latham & Watkins served as legal counsel to the company on the term loan facility and redemption of the existing notes. Paul Hastings served as legal counsel to the joint lead arrangers and joint bookrunners.
