PQ Group Completes ABL Facility Amendments
March 23 2020 - 5:15AM
Business Wire
PQ Group Holdings Inc. (NYSE:PQG), a leading integrated and
innovative global provider of specialty catalysts, materials,
chemicals, and services, today announced that its indirect, wholly
owned subsidiary, PQ Corporation (“PQ” or the “Company”) has
successfully amended its existing ABL credit agreement (the
“Amended ABL Facility”). The Amended ABL Facility was upsized to
$250.0 million from $200.0 million with a 25 basis point reduction
in the interest rate margin, and was extended by approximately two
years to March 2025 (subject to acceleration under certain
circumstances). The Amended ABL Facility will bear interest at a
rate equal to the LIBOR rate or the base rate plus a margin of
between 1.25%-1.75% or 0.25%-0.75%, respectively.
“We continue to look for opportunities in the current market
environment to enhance our financial flexibility,” said Mike Crews,
PQ Executive Vice President and Chief Financial Officer. “This
renewal, combined with our recent term loan extension and
repricing, extends maturities, lowers borrowing costs and increases
liquidity.”
In February 2020, PQ amended its $947.5 million senior secured
term loan facility to reduce the interest rate margin by 25 basis
points and extend the maturity by approximately two years to
February 2027.
And in March 2020, PQ reset the interest rate on its $500
million notional interest rate caps that extend from July 2020
through July 2022 to 0.84% from 3.50%.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20200323005068/en/
Investors: Nahla A. Azmy (610) 651-4561
Nahla.Azmy@pqcorp.com
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