McInnis Cement closes $500 million refinancing deal

McInnis Cement has closed a US$500-million refinancing deal which it intends to use to grow its business and better serve customers. 

Of this amount, $300m is provided by an increase McInnis Cement’s senior loan from a syndicate of 11 Canadian and international banks while a $200m loan was provided by the Caisse de dépôt et placement du Québec (la Caisse) and Beaudier.

McInnis has planned and undertaken work to increase the storage and loading capacity of several facilities. These include:

  • The Bronx Terminal has doubled its loading capacity for customers. A second truck loading lane is now fully operational.
  • A new 40,000 metric tonne warehouse is currently under construction at the Providence Terminal, bringing the total storage capacity to 75,000 metric tonnes. A new truck loading lane will also be added and commissioned in time for the 2020 spring construction season.
  • Two new cement silos will be built at the Port-Daniel–Gascons cement plant. Nearly 200 workers will be mobilized on the site during the peak construction period of the two silos, during fall 2019.
  • With NOVA Marine Carriers, McInnis recently confirmed the charter of the NACC New Yorker, a 24,000 metric tonne capacity self-unloading vessel, that will join the NACC Quebec (14,000 metric tonnes), the Cielo di Gaspesie (35,000 metric tonnes) and the Resolute unloading barge.
  • In addition to improving cement distribution capacity for McInnis customers, the refinancing paves the way to new markets.
  • McInnis anticipates the upcoming development of satellite terminals in the northeastern United States, as well as adding more infrastructure to its distribution network, distributing cement additives in different markets.
  • The plant’s engineering team began planning a future rail yard to be timed in conjunction with the reopening of the railway to Port-Daniel–Gascons. Directly loading of the cars at the cement plant will make it possible to prospect new territories and the plant will eliminate 160,000 tonnes of cement annually from the roads,e. approximately 8,000 truck trips.

Jean Moreau, chief executive officer of McInnis, says: “These investments will better position McInnis Cement to meet the increased demand from our customers. With our partners and investors’ support, we now have all the tools to continue our momentum.”

Source

 

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