We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Methanex Prices Offering of $700M Senior Notes Due 2029
Read MoreHide Full Article
Methanex Corporation (MEOH - Free Report) recently announced that it has priced an offering of senior unsecured notes.
The company will issue $700 million in total principal amount of 5.25% senior notes due Dec 15, 2029. Per Methanex, the notes will be issued at a price of 99.969% of the total principal amount. Also, the notes will have an effective yield to maturity of 5.255%. Methanex expects the offering to close on or about Sep 12, 2019, which is subject to customary closing conditions.
Methanex is expected to utilize the net proceeds from the offering mainly for one or more of debt repayments. This includes repayment of its existing 3.25% unsecured notes due on Dec 15, 2019, of which $350 million in total principal amount is outstanding.
It also plans to use the proceeds as capital expenditures related to plant construction and maintenance, including pre-funding of nearly $250 million for the construction of Geismar 3 plant as well as working capital or other general corporate purposes.
Shares of Methanex have plunged 50% in the past year compared with the industry’s 39.3% decline.
Methanex expects methanol prices to be sequentially lower in the third quarter. It also expects its production levels flat on a sequential comparison basis in the third quarter. Moreover, the company expects adjusted EBITDA to be lower in the third quarter sequentially.
Zacks Rank & Key Picks
Methanex currently carries a Zacks Rank #3 (Hold).
Kinross has an expected earnings growth rate of 160% for 2019. The company’s shares have surged 70.2% in the past year.
Alamos Gold has projected earnings growth rate of 320% for the current year. The company’s shares have rallied 42.5% in a year’s time.
Arconic has an estimated earnings growth rate of 50% for the current year. Its shares have moved up 17.7% in the past year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
Image: Bigstock
Methanex Prices Offering of $700M Senior Notes Due 2029
Methanex Corporation (MEOH - Free Report) recently announced that it has priced an offering of senior unsecured notes.
The company will issue $700 million in total principal amount of 5.25% senior notes due Dec 15, 2029. Per Methanex, the notes will be issued at a price of 99.969% of the total principal amount. Also, the notes will have an effective yield to maturity of 5.255%. Methanex expects the offering to close on or about Sep 12, 2019, which is subject to customary closing conditions.
Methanex is expected to utilize the net proceeds from the offering mainly for one or more of debt repayments. This includes repayment of its existing 3.25% unsecured notes due on Dec 15, 2019, of which $350 million in total principal amount is outstanding.
It also plans to use the proceeds as capital expenditures related to plant construction and maintenance, including pre-funding of nearly $250 million for the construction of Geismar 3 plant as well as working capital or other general corporate purposes.
Shares of Methanex have plunged 50% in the past year compared with the industry’s 39.3% decline.
Methanex expects methanol prices to be sequentially lower in the third quarter. It also expects its production levels flat on a sequential comparison basis in the third quarter. Moreover, the company expects adjusted EBITDA to be lower in the third quarter sequentially.
Zacks Rank & Key Picks
Methanex currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Kinross Gold Corporation (KGC - Free Report) , Alamos Gold Inc (AGI - Free Report) and Arconic Inc , all sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Kinross has an expected earnings growth rate of 160% for 2019. The company’s shares have surged 70.2% in the past year.
Alamos Gold has projected earnings growth rate of 320% for the current year. The company’s shares have rallied 42.5% in a year’s time.
Arconic has an estimated earnings growth rate of 50% for the current year. Its shares have moved up 17.7% in the past year.
Looking for Stocks with Skyrocketing Upside?
Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.
Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.
See the pot trades we're targeting>>