On May 16, 2003, Vancouver-based Methanex Corporation acquired the remaining 90 per cent interest in the Titan methanol facility located in Trinidad from The Beacon Group and BP p.l.c. Methanex had acquired a 10 per cent interest in the plant in 2000. The total purchase price, including estimated transaction costs, is approximately US$79 million.
Concurrent with the acquisition of the 90 per cent equity interest, Methanex repaid approximately US$29 million of limited recourse long-term debt related to the Titan plant. Total debt related to the Titan plant after the repayment is approximately US$194 million.
Methanex was represented in-house by Randy Milner, senior vice-president, general counsel and corporate secretary, and Wendy Bach, corporate counsel; and by McCarthy Tétrault LLP with a team that included Richard Balfour, Byran Gibson, Ted Koffman, Linda Brown, Daniel Steiner, Michael Urbani, Jennifer Breeze, Darren Watt and David Crane.
The Beacon Group was represented by King & Spalding LLP in New York, with a team that included Mark Zvonkovic and Jennifer Kasmin. BP was represented by in-house counsel Felecita Gregoire, Rochelle Jackson, Marijke Paaijmans and Nick Verstappen.
JP Morgan Chase Bank, acting as agent, and a consortium of 17 European export credit and commercial banks were represented by White & Case LLP, with a team that included Doug Peel, David Baker and Mary Walsh.