Alpek de CV : signed an agreement to provide secured financing to support M&G Mexico’s operations while its restructuring plan is approved
January 11, 2018 at 05:44 pm EST
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Alpek signed an agreement to provide secured financing to support M&G
Mexico's operations while its restructuring plan is approved
Monterrey, Mexico. January 11, 2018 - Alpek, S.A.B. de C.V. ("Alpek") announced today that it signed an agreement to provide secured financing to M&G Polímeros México, S.A. de C.V. ("M&G Mexico"). The new credit facility is secured by a second lien on M&G Mexico's PET production facility in Altamira, Mexico, and has a two-year term for a maximum principal amount of U.S. $60 million that will be disbursed in several tranches subject to certain conditions, including a restructuring plan that has yet to be presented by M&G Mexico and approved by its creditors. The new credit facility is intended to support M&G Mexico's PET operations during its restructuring process.
In addition to the new credit facility, Alpek holds the credit rights to a U.S. $100 million loan made to M&G Mexico, which is secured by a first lien on its PET production facility in Altamira, Mexico.
Alpek will continue to work closely with M&G Mexico and its creditors to implement a permanent restructuring plan.
About Alpek:
Alpek is a leading petrochemical company operating two business segments: "Polyester" (PTA, PET and polyester fibers), and "Plastics & Chemicals" (polypropylene, expandable polystyrene, caprolactam, and other specialty and industrial chemicals). Alpek is an integrated producer of PTA and PET in North America, the largest expandable polystyrene manufacturer in the Americas, and the only producer of caprolactam in Mexico. Alpek also operates one of the largest polypropylene facilities in North America. In 2016, Alpek reported revenues of U.S. $4.8 billion and EBITDA of U.S. $669 million. The Company operates 23 plants in the United States, Mexico, Canada, Brazil, Argentina and Chile, and employs more than 5,200 people. Alpek is a publicly traded company listed on the Mexican Stock Exchange.
For further information: Hernán F. Lozano Investor Relations Officer Alpek, S.A.B. de C.V.
+52 (81) 8748-1146hlozano@alpek.com
ir@alpek.comwww.alpek.com
Alpek SAB de CV published this content on 11 January 2018 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2018 22:44:09 UTC.
Original documenthttp://www.alpek.com/pdf/2018/Alpek-MG-Financing.pdf
Public permalinkhttp://www.publicnow.com/view/DE4824D67D116A0178116B998F529ACB1FF53039
Alpek SAB de CV is a Mexico-based company engaged in the chemicals sector. The Company's activities are divided into two business segments: Polyester and Plastics & Chemicals. The Polyester division focuses on the manufacture and distribution of purified terephthalic acid (PTA), polyethylene terephthalate (PET) and polyester fiber. The Plastics & Chemicals division is responsible for the production of polypropylene (PP), expandable polystyrene (EPS), caprolactam (CPL), ammonium sulfate, as well as specialty and industrial chemicals, such as surfactants, ethoxilates, glycoethers and desemulsionates. The Company's products are used in a range of industries, including consumer goods, food and beverages, automotive, construction, agriculture, oil and gas, as well as pharmaceuticals. It operates a number of production plants in the Americas. The Company is controlled by Alfa SAB de CV.
ALPEK, S.A.B. DE C.V. 
