Caisse, partner adding $200 million to McInnis Cement refinancing
BY Benefits Canada Staff | July 22, 2019
The Caisse de dépôt et placement du Québec and Beaudier Inc. are among a group providing $500 million in private capital refinancing to Quebec-based McInnis Cement.
Alongside a $200-million loan from the Caisse and Beaudier, a syndicate of 11 Canadian and international banks will be providing $300 million. The pension fund’s last investment in McInnis was $125 million in the former of preferred equity for its plant project in August 2016.
The refinancing will allow the company to support its growth, better serve customers and align its capital structure, which it expects will lead to significant savings, according to a press release.
“These investments will better position McInnis Cement to meet the increased demand from our customers,” said Jean Moreau, the company’s president and chief executive officer. “With our partners and investors’ support, we now have all the tools to continue our momentum.”
McInnis Cement has planned, and undertaken, significant work in several of its facilities to add storage and loading capacity, noted the release. In addition to improving its cement distribution capacity for customers, the refinancing opens doors to new markets.
This article originally appeared on CIR’s companion site, Benefitscanada.com. Read the full story here.