Monterrey, Mexico. January 11, 2018
Alpek, S.A.B. de C.V. (“Alpek”) announced today that it signed an agreement to provide secured financing to M&G Polímeros México, S.A. de C.V. (“M&G Mexico”). The new credit facility is secured by a second lien on M&G Mexico’s PET production facility in Altamira, Mexico, and has a two-year term for a maximum principal amount of U.S. $60 million that will be disbursed in several tranches subject to certain conditions, including a restructuring plan that has yet to be presented by M&G Mexico and approved by its creditors. The new credit facility is intended to support M&G Mexico’s PET operations during its restructuring process.
In addition to the new credit facility, Alpek holds the credit rights to a U.S. $100 million loan made to M&G Mexico, which is secured by a first lien on its PET production facility in Altamira, Mexico.
Alpek will continue to work closely with M&G Mexico and its creditors to implement a permanent restructuring plan.
