McInnis Cement closes US$380m refinancing deal

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Canada: McInnis Cement has closed a US$380m refinancing deal. US$230m will be provided by an increase McInnis Cement’s senior loan from a syndicate of 11 Canadian and international banks and the remaining US$150m comes in the form of a loan by the Caisse de dépôt et placement du Québec (CDPQ) and Beaudier. This refinancing also makes it possible to repay a bridge loan granted by BlackRock in 2016.

The cement producer also provided details on various projects it is undertaking. Two new cement silos will be built at the company’s integrated cement plant at Port-Daniel–Gascons. Nearly 200 workers will be mobilized on the site during the peak construction period of the two silos, during the autumn of 2019.

Its Bronx Terminal in New York, US has doubled its loading capacity for customers. A second truck-loading lane is now fully operational. A new 40,000t warehouse is currently under construction at its Providence Terminal in Rhode Island, US bringing the total storage capacity to 75,000t. A new truck-loading lane will also be added and commissioned in time for the 2020 spring construction season. McInnis Cement has also confirmed the charter of the NACC New Yorker, a 24,000t self-unloading vessel, in conjunction with Nova Marina Carriers. It will join other vessels in its fleet including the NACC Quebec (14,000t), the Cielo di Gaspesie (35,000t) and the Resolute unloading barge.

Last modified on 24 July 2019

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