(Source: MARKETWIRE)
Methanex Corporation (TSX: MX)(NASDAQ: MEOH)(SANTIAGO: Methanex) has finalized a new US$200 million revolving credit facility with a syndicate of banks. The new facility expires in May 2012 and replaces the Company's existing revolving facility, which would have expired in mid-2010. RBC Capital Markets Inc. was the Arranger for the facility.
Ian Cameron, SVP, Finance and CFO of Methanex commented, "Consistent with our prudent approach to financial management, we are committed to maintaining a strong financial position. In the current uncertain economic environment, we believe there is value maintaining a two to three year horizon on the facility and we are pleased to have also agreed to more flexible terms that improve the accessibility of the facility."
Mr. Cameron added, "With US$278 million of cash on hand at the end of the second quarter, this new undrawn US$200 million credit facility, and no near-term refinancing requirements, we believe we are well positioned to meet our financial commitments and continue to invest to grow the Company."
Methanex is a Vancouver-based, publicly traded company and is the world's largest supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX"; on the NASDAQ Global Market in the United States under the trading symbol "MEOH"; and on the Foreign Securities Market of the Santiago Stock Exchange in Chile under the trading symbol "Methanex". Methanex can be visited online at www.methanex.com.
This press release contains forward-looking statements with respect to us and the chemical industry. Statements that include the words "believes", "expects", "may", or the negative version of those words or other comparable terminology and similar statements of a future or forward-looking nature identify forward-looking statements. More particularly and without limitation, any statements regarding the following are forward looking statements: expected capital expenditures and future sources of funding for such capital expenditures, availability of committed credit facilities and other financing, commercial viability of, or ability to execute, future projects, capacity expansions, acquisitions or dispositions, financial strength and ability to meet future financial commitments, and expected global or regional economic activity (including industrial production levels) and expected timing for recovery from the current economic recession.
We believe that we have a reasonable basis for making such forward-looking statements.
