Natgasoline enters into new $60 million revolving credit facility

By Sarah Lizee

Olympia, Wash., Nov. 2 – Natgasoline LLC secured a $60 million revolving credit facility, according to a press release.

The revolver is part of the company’s revised financing structure, which includes a $565 million term loan B facility and $336 million of bonds.

The revolver will not be drawn at closing, which is expected to occur on Nov. 14, subject to customary closing conditions.

Proceeds from the financing will be used to refinance the existing $252 million of tax-exempt bonds issued in 2016 and existing shareholder and contingency loans, as well as funding working capital and financing costs.

Natgasoline is a greenfield world scale methanol production complex in Beaumont, Texas, which is jointly owned by OCI and Consolidated Energy Ltd.

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