Indorama Ventures Public Company Limited (IVL), the world’s leading vertically integrated polyester value chain producer, has completed the refinancing of a $640 million term loan for its business in the U.S. The company was able to increase the average tenor of this loan from 3.31 to 5.40 years from a consortium of banks led by Siam Commercial Bank Public Company Limited, Krung Thai Bank Public Company Limited and Bangkok Bank Public Company Limited. In addition, the company has refinanced a working capital facility led by Regions Bank and Bank of America Merrill Lynch totalling US$360 million.

The term loan and working capital facilities are expected to improve the liquidity and cash management of the company’s North American businesses by combining their treasury needs. The longer term loan tenor will also benefit the internal cash flows required for the company’s committed growth capital expenditures.

Indorama Ventures has approximately a third share in North American PET market with approximately 1.5 million tons of capacity and produces a range of products within the polyester value chain sphere, such as polyethylene terephthalate (PET), polyester and polyolefin fibers and yarns, mono ethylene glycol (MEG) and purified ethylene oxide (PEO).