McInnis Cement closes an additional $500 million refinancing

On July 17, 2019, McInnis Cement confirmed the closing of an additional $500 million refinancing.

Of this amount, $300 million is provided by an increase in McInnis Cement's senior loan from a syndicate of eleven Canadian and international banks and a $200 million injection in the form of a loan by the Caisse de dépôt et placement du Québec and Beaudier Inc.

Investissement Québec has made certain adjustments to its debt and to its equity in McInnis. As part of the refinancing, the Québec government has not reinvested any additional amount.

McInnis Cement is a privately-held company with corporate headquarters in Quebec and US headquarters in Connecticut. The company's plant in Port-Daniel-Gascons is the first new plant to serve Eastern Canada as well as the US eastern seaboard and Great Lakes region in more than 50 years.

Gowling WLG advised Investissement Québec with respect to this refinancing with a team that was led by Marie-France Béland (project finance) and included Émilie Clairoux, Ingrid Anton and Robert Dorion.