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M&G COMPLETES $250 MILLION PRIVATE BOND OFFERING
26 April 2002 - M&G Group
| Mossi & Ghisolfi International – a wholly owned subsidiary of M&G Group, holding M&G’s PET and acetate interests – has completed today the sale of $ 250 million of senior notes, due 2009 and 2012, in the US private placement market. Sole agent bank for the transaction was Barclays Capital. |
The proceeds of the sale will be used for bank debt retirement as well as for other of M&G’s projects, which will be announced later this year. The funds raised are not intended or needed for use in M&G’s 275,000 metric ton PET unit currently under construction in Altamira, Mexico. This project is largely already funded and well on target for completion in Q1 2003. In 2001 Mossi & Ghisolfi International posted Revenues of $ 690 million and EBITDA of $ 90 million. Mr. Marco Ghisolfi – CEO of M&G’s PET business - said: “We are very excited about the opportunity the US Private Placement investors have extended to us. These funds will provide M&G with the long term financial security that matches M&G’s long term strategic approach to its markets as well as with the needed flexibility to capture the many opportunities lying ahead in the PET and plastic acetate markets.”
http://www.mgpolymers.com
About: M&G Group
M&G is a family owned chemical engineering company headquartered in Tortona, Italy. It develops innovative and cost effective PET resins for container packaging and is presently the world’s second largest producer of PET for packaging applications with production capacity of 1.3 million tonnes per annum. Group sales proceeds in 2003 were $1.6 billion of which around 80% were derived from operations involving PET.
M&G Group is divided into three business units, PET Polymer, PET Packaging and Acetates. In Europe, M&G has capacity to produce around 2.5 billion preforms per annum at two locations in Italy. It operates the largest SSP unit in North America and has the current world’s largest PET production unit (1200t/d) at its Altamira facility in Mexico. The Group has manufacturing assets in Brazil, Italy, Mexico and USA. The Group supports three R&D Facilities; Italy, USA and Brazil. |
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