Minerals Technologies Announces Successful Debt Refinancing

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

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 $575 million senior secured Term Loan B (TLB) along with the increase of its Revolving Credit Facility (Revolver) from $300 million of capacity due 2027 to $400 million due 2029.

Proceeds from the TLB will be used to refinance MTI’s existing $523 million Term Loan A and repay outstanding Revolver borrowings. This transaction extends the weighted average tenor of MTI’s capital structure to more than five years, increases the company’s liquidity by $150 million, and is neutral to the company’s leverage position.

“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 $2.2 billion in 2023. For further information, please visit our website at www.mineralstech.com.

Investor Contact:

Lydia Kopylova, (212) 878-1831

FAQ

What is the size of Minerals Technologies (MTX) new Term Loan B facility?

Minerals Technologies' new Term Loan B facility is $575 million with a seven-year term.

How much did MTX increase its Revolving Credit Facility?

MTX increased its Revolving Credit Facility by $100 million, from $300 million to $400 million, with maturity extended to 2029.

How much additional liquidity did MTX gain from the refinancing?

The refinancing provided MTX with $150 million in additional liquidity.

What is the purpose of MTX's 2024 debt refinancing?

The refinancing aims to refinance the existing $523 million Term Loan A, repay outstanding Revolver borrowings, extend debt maturities, and increase liquidity.