Methanex Corporation (Methanex or the Company) (TSX:MX) (NASDAQ:MEOH) announced that it has entered into a definitive agreement to acquire OCI Global’s (OCI) international methanol business for US$2.05 billion.
Under a definitive agreement with OCI, the US$2.05 billion purchase price will consist of US$1.15 billion in cash, the issuance of 9.9 million common shares of Methanex valued at US$450 million (based on a US$45 per share price) and the assumption of US$450 million in debt and leases. Methanex intends to fund the cash consideration of the transaction through a combination of cash on hand and new debt issuances. The Company has obtained a fully committed debt financing package from the Royal Bank of Canada (RBC) to support the transaction.
Latham & Watkins LLP represents RBC and RBC Capital Markets in the financing commitment with an Austin-based team led by partners David Miller, Michael Chambers, and Sam Rettew, with associates Erin Cusenbary and Carol Bale. Advice was also provided on environmental matters by Los Angeles/Houston partner Joshua Marnitz.
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