Minerals Technologies Announces Successful Debt Refinancing
Minerals Technologies (NYSE: MTX) has completed a significant debt refinancing, securing a new seven-year $575 million senior secured Term Loan B and expanding its Revolving Credit Facility from $300 million to $400 million with an extended maturity to 2029. The proceeds will refinance the existing $523 million Term Loan A and clear outstanding Revolver borrowings. This restructuring extends the weighted average tenor of MTI's capital structure beyond five years, boosts liquidity by $150 million, and maintains the company's current leverage position.
Minerals Technologies (NYSE: MTX) ha completato un'importante rifinanziamento del debito, assicurandosi un nuovo Term Loan B senior garantito di 575 milioni di dollari della durata di sette anni e espandendo la sua Linea di Credito Rotativo da 300 milioni a 400 milioni di dollari con una scadenza prorogata fino al 2029. I proventi saranno utilizzati per rifinanziare il Term Loan A esistente di 523 milioni di dollari e saldare i prestiti in essere della Linea di Credito Rotativo. Questa ristrutturazione estende la durata media ponderata della struttura del capitale di MTI oltre i cinque anni, aumenta la liquidità di 150 milioni di dollari e mantiene l'attuale posizione di leva dell'azienda.
Minerals Technologies (NYSE: MTX) ha completado un importante refinanciamiento de deuda, asegurando un nuevo Préstamo Term B senior garantizado de 575 millones de dólares a siete años y expandiendo su Línea de Crédito Revolvente de 300 millones a 400 millones de dólares con un vencimiento extendido hasta 2029. Los fondos se utilizarán para refinanciar el Préstamo Term A existente de 523 millones de dólares y liquidar los préstamos pendientes de la Línea de Crédito Revolvente. Esta reestructuración extiende el plazo medio ponderado de la estructura de capital de MTI a más de cinco años, aumenta la liquidez en 150 millones de dólares y mantiene la posición de apalancamiento actual de la empresa.
Minerals Technologies (NYSE: MTX)는 575백만 달러 규모의 7년 만기 고정 수익 자금 조달인 선순위 담보 차입인 'Term Loan B'를 확보하고, 300백만 달러에서 400백만 달러로 회전 신용 한도를 확대하며 만기를 2029년까지 연장하는 중요한 부채 재구성을 완료했습니다. 조달된 자금은 기존의 523백만 달러 규모의 Term Loan A를 재융자하고, 미지급 회전 신용 차입금을 청산하는 데 사용됩니다. 이번 구조조정으로 MTI의 자본 구조의 가중 평균 만기가 5년을 넘고, 유동성이 150백만 달러 확대되며, 회사의 현재 레버리지 위치가 유지됩니다.
Minerals Technologies (NYSE: MTX) a achevé un refinancement de dette significatif, sécurisant un nouveau prêt senior garanti Term Loan B de 575 millions de dollars d'une durée de sept ans et élargissant sa ligne de crédit renouvelable de 300 millions à 400 millions de dollars avec un échéance prolongée jusqu'en 2029. Les fonds serviront à refinancer le Term Loan A existant de 523 millions de dollars et à régler les emprunts non remboursés du revolving. Cette restructuration prolonge la durée moyenne pondérée de la structure capitalistique de MTI à plus de cinq ans, renforce la liquidité de 150 millions de dollars et maintient la position d'endettement actuelle de l'entreprise.
Minerals Technologies (NYSE: MTX) hat eine bedeutende Umschuldung abgeschlossen und sich ein neues 575 Millionen Dollar umfassendes, siebenjähriges gesichertes Term Loan B gesichert sowie seine revolvierende Kreditlinie von 300 Millionen auf 400 Millionen Dollar mit einer verlängerten Laufzeit bis 2029 erweitert. Die Erlöse werden verwendet, um das bestehende Term Loan A in Höhe von 523 Millionen Dollar umzuschulden und bestehende Revolver-Kredite zu tilgen. Diese Umstrukturierung verlängert die gewichtete durchschnittliche Laufzeit der Kapitalstruktur von MTI auf über fünf Jahre, erhöht die Liquidität um 150 Millionen Dollar und erhält die derzeitige Hebelposition des Unternehmens.
- Increased liquidity by $150 million
- Extended debt maturity profile to over 5 years
- Expanded Revolving Credit Facility by $100 million to $400 million
- Maintained existing leverage position without additional debt burden
- None.
Insights
This refinancing represents a significant enhancement to MTI's financial flexibility. The new
The successful execution during challenging market conditions signals strong lender confidence in MTI's credit quality. The neutral leverage impact indicates disciplined financial management, while the increased revolver capacity offers enhanced operational flexibility for potential growth initiatives or working capital needs. This positions MTI well for executing its strategic objectives without immediate capital constraints.
NEW YORK, Nov. 26, 2024 (GLOBE NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (MTI), a global specialty minerals company, today announced the closing of a new seven-year
Proceeds from the TLB will be used to refinance MTI’s existing
“We are pleased with this refinancing, which reflects the strong credit profile of the company. We improved our balance sheet flexibility by extending maturities and increasing liquidity,” said Erik Aldag, Chief Financial Officer. “Our balance sheet is now even stronger and is well-positioned to support our long-term growth strategy.”
About Minerals Technologies Inc.
New York-based Minerals Technologies Inc. (MTI) is a leading, technology-driven specialty minerals company that develops, produces, and markets a broad range of mineral and mineral-based products, related systems, and services. MTI serves a wide range of consumer and industrial markets globally, including household, food and pharmaceutical, paper, packaging, automotive, construction, and environmental. The company reported global sales of
Investor Contact:
Lydia Kopylova, (212) 878-1831
FAQ
What is the size of Minerals Technologies (MTX) new Term Loan B facility?
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