Methanex Secures Additional Financial Flexibility Under Its Credit Facilities

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VANCOUVER, British Columbia, June 03, 2020 (GLOBE NEWSWIRE) -- Methanex Corporation (TSX:MX) (NASDAQ:MEOH) announced today that it has amended its $300 million committed revolving credit facility and $800 million non-revolving construction facility.  These changes amend and waive certain terms and conditions of the credit facilities, which will provide meaningful financial covenant relief and greater flexibility on the timeline to complete the Geismar 3 project.

The financial covenant relief is effective upon Methanex’s election and will provide, among other things, more flexibility in the calculation of the minimum EBITDA to interest coverage ratio through June 30, 2021 and an increase of the maximum debt to capitalization ratio through June 30, 2023.

John Floren, President & CEO of Methanex, commented, “We would like to thank our banking partners for their ongoing support during this challenging business environment. We have a strong liquidity position as we ended the first quarter of 2020 with over $800 million of cash on the balance sheet. These changes to our credit facilities will significantly increase Methanex’s financial flexibility to enable us to navigate through this difficult time and remain in a strong financial position.”

A copy of the amendment and consent and waiver to the credit facilities can be found on SEDAR at www.sedar.com and on EDGAR at www.sec.com/edgar.

Methanex is a Vancouver-based, publicly traded company and is the world's largest producer and supplier of methanol to major international markets. Methanex shares are listed for trading on the Toronto Stock Exchange in Canada under the trading symbol "MX" and on the NASDAQ Global Market in the United States under the trading symbol "MEOH”. Methanex can be visited online at www.methanex.com.

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