Altech Chemicals Limited has officially mandated Macquarie Bank (Macquarie) as the preferred mezzanine lender for its proposed high purity alumina (HPA) plant.
Both the companies have reached agreement on mezzanine debt terms and executed a mandate letter appointing Macquarie as the exclusive mezzanine debt provider. The agreement is subject to its usual due diligence processes such as legal, market and technical.
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“Completion of the mezzanine facility by Macquarie is conditional upon its view of all due diligence outcomes and agreement with KfW-IPEX Bank on inter-creditor arrangements,”Altech said in its press release.
Altech has completed a Final Investment Decision Study (FIDS) for the construction and operation of a 4,500tpa HPA plant at the Tanjung Langsat Industrial Complex, Johor, Malaysia.
Altech had received an indicative and non-binding mezzanine debt term sheet for a facility amount of up to US$90 million on May 11 2018. Macquarie subsequently appointed an independent technical advisor to undertake detailed project due diligence.
Altech Chemicals aims to become one of the world's leading suppliers of 99.99% (4N) high purity alumina (HPA) (Al2O3).
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