PQ Group plans to pay down $45 million under term loan facility

By Sarah Lizee

Olympia, Wash., Sept. 26 – PQ Group Holdings Inc. plans to repay $45 million of its term loan facility prior to the end of the third quarter, according to a press release.

The company said that in combination with the recent repayment of its outstanding seasonal revolver draw, it will reduce its total debt outstanding by $80 million during the third quarter ending Sept. 30.

“As we committed, our highest priority for our free cash flow is to delever,” Belgacem Chariag, president and chief executive officer of PQ, said in the release.

“We expect to make additional debt repayments prior to the end of the year as part of our deleveraging strategy.”

At June 30, PQ had total gross debt outstanding of $2.29 billion, and maintains a $1 billion notional interest rate cap with rates ranging from 2% to 3% through July 2020 to mitigate interest rate volatility on its $1.27 billion of variable-rate debt, the company said.

PQ is a Malvern, Pa.-based producer of specialty inorganic performance chemicals and catalysts.

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