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.
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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.
Details
News Market Reaction – MTX
The recorded move for MTX in the trading session of this news was -2.49%.
Data tracked by StockTitan Argus. Session date unavailable.
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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
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