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PQ Group Holdings Inc. (NYSE:PQG) has successfully sold its Performance Chemicals business for $1.1 billion to a Cerberus Capital and Koch Minerals partnership, effective August 1, 2021. The company plans to utilize approximately $525 million from the sale to reduce its debt, while proposing a special dividend of $3.20 per share, pending Board approval. Following the sale, the company has rebranded as Ecovyst Inc., effective August 2, 2021, focusing on two core businesses: Ecoservices and Catalyst Technologies, trading under the new ticker ECVT from August 3, 2021.
PQ Group Holdings Inc. (NYSE:PQG) will hold its Q2 2021 earnings call on August 5, 2021, at 11:00 a.m. ET. The company plans to rebrand as Ecovyst Inc. after concluding the sale of its Performance Chemicals business, with shares continuing to trade under the new symbol ECVT from August 3, 2021. PQ Group operates two specialty businesses: Ecoservices and Catalyst Technologies, focusing on sustainability and innovation in the catalyst sector. Investors can access the earnings call via telephone or through a live webcast.
PQ Group Holdings Inc. (NYSE:PQG) announced the successful pricing of a new $900 million senior secured term loan facility. The proceeds will be used to repay obligations under previous loan agreements and cover related expenses. This facility will issue at 99.75% of par with a floating interest rate connected to LIBOR. The company anticipates being at the upper end of its projected special dividend range of $2.50 to $3.25 per share and expects a net debt to Adjusted EBITDA ratio in the mid-3x range by the end of 2021, contingent on the closing of a pending sale.
PQ Group Holdings Inc. (NYSE:PQG) reported Q1 2021 results with sales of $126.6 million, up 0.8% year-over-year, despite a $6 million adverse impact from severe weather on Refining Services. The company faced a net loss of $2.8 million, translating to a diluted loss per share of $0.02, while adjusted net income was $6.1 million, or $0.04 adjusted diluted EPS. Adjusted EBITDA decreased 13% to $42.3 million, mainly due to storm effects. PQ expects 2021 sales and EBITDA growth, driven by recovering demand across multiple sectors.
PQ Group Holdings Inc. (NYSE:PQG) is set to release its first quarter 2021 financial results on May 6, 2021, before the market opens. The management will discuss the results in a conference call scheduled for 11:00 a.m. ET. Investors can join the call by dialing 1-800-459-5346 (domestic) or 1-203-518-9544 (international) with the participant code PQGQ121. A live audio-only webcast will also be available, alongside a replay post-event. PQ is a leading provider of specialty catalysts, chemicals, and services, focused on sustainability across its specialty businesses.
PQ Group Holdings Inc. (NYSE: PQG) announced a public offering of 12,500,000 shares of common stock priced at $14.00 per share, set to close on May 3, 2021. The transaction, involving Selling Stockholders, will yield proceeds directly to them, with a 30-day option for underwriters to purchase an additional 1,875,000 shares. The offering is managed by Citigroup, Deutsche Bank Securities, and Credit Suisse. An automatic shelf registration statement was filed with the SEC on April 26, 2021, facilitating this process.
PQ Group Holdings Inc. (NYSE: PQG) announced a secondary offering of 12,500,000 shares by certain stockholders, with a 30-day option for underwriters to purchase an additional 1,875,000 shares. The Selling Stockholders will receive all net proceeds, and no shares will be sold by the Company. Citigroup, Deutsche Bank Securities, and Credit Suisse are the lead managers of the offering. Investors are encouraged to review the prospectus associated with the offering, filed with the SEC.
PQ Group Holdings Inc. (NYSE:PQG) has reported preliminary results for Q1 2021, estimating sales between $123 million and $127 million, slightly lower than $126 million in Q1 2020. The Zeolyst Joint Venture saw sales drop to $28-$30 million from $32 million. The Texas storm adversely affected the Refining Services business by an estimated $6 million, leading to an operating income between $1 million and $3 million, down from $12 million a year ago. Adjusted EBITDA is projected at $40-$42 million, down from $49 million in the same period last year, primarily due to storm-related impacts.
PQ Group Holdings Inc. (NYSE:PQG) will host a virtual investor conference on April 8, 2021, at 10:00 a.m. ET. CEO Belgacem Chariag will present the strategic vision for 'Target PQ,' focused on high-growth catalysts and sustainability. Key details include high single-digit organic growth, strong Adjusted EBITDA margins, and a robust product portfolio aimed at meeting customer sustainability demands. The event will include presentations from executive management and a live Q&A session. Registration is available on their website.
