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Altech gets term sheet for US$120M mezzanine debt

Altech Chemicals Ltd. said May 11 that it received an indicative mezzanine debt term sheet for up to US$120 million from an international investment bank for its proposed Johor Bahru high-purity alumina plant in Malaysia and associated kaolin mine in Meckering, Western Australia.

Securing additional funding is a condition precedent to drawing down from the US$190 million senior loan secured from Germany's state-owned KfW IPEX-Bank in February. One of the options the company pursued is a mezzanine debt facility of up to US$120 million, which will be subordinate to the senior debt.

Altech expects similar term sheets from other potential lenders currently in due diligence and evaluation during the course of the current month.