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METHANEX CORP. ANNOUNCES FINANCING

 VANCOUVER, British Columbia, Nov. 17 /PRNewswire/ -- Methanex (NASDAQ-NMS: MEOHF; Toronto, Montreal: MX) announced today that it has completed its US $480 million financing plan to refinance substantially all of its term loans and bank indebtedness and to finance its remaining capital expenditure funding obligations including the Fortier Methanol project currently under construction in Louisiana.
 As part of the financing plan, Methanex issued US $275 million of senior secured second priority notes in the United States underwritten by CS First Boston Corp., Goldman, Sachs & Co. and Wertheim Schroder & Co. These notes bear interest at 8.875 percent, are due Nov. 15, 2001, and were priced at 99.298 to yield 9 percent. The notes are non- redeemable for five years and are rated "Ba3" by Moody's Investors Service Inc. and "BB" by Standard and Poor's Corp. Methanex also entered into a secured credit agreement with the Royal Bank of Canada providing for a US $70 million term loan facility and a US $50 million revolving credit facility. US $85 million of senior secured first priority notes issued pursuant to a private placement arranged by CS First Boston Corp. in New Zealand and Australia completed the financing package.
 Contemporaneously with the refinancing, Methanex also completed with effect from Jan. 1, 1993, the acquisition of the remaining 50 percent of the shares of the company that owns the Cape Horn methanol production facility. Methanex acquired the initial 50 percent of the Cape Horn facility in March 1993 when it completed the previously announced purchase of Fletcher Challenge's methanol and synthetic fuel business.
 Methanex is a publicly traded company engaged primarily in the worldwide production and marketing of methanol. Methanex shares are listed for trading on the Toronto and Montreal Stock Exchanges in Canada under the trading symbol "MX" and on the NASDAQ NMS in the United States under the trading symbol "MEOHF." Methanex is headquartered at Vancouver, Canada.
 -0- 11/17/93
 /CONTACT: Ron Russell or Terry Duncan, 604-684-7500/
 (MEOHF MX. )


CO: Methanex Corp. ST: British Columbia IN: OIL SU: FNC

JB-EH -- LA012 -- 5418 11/17/93 11:13 EST
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Publication:PR Newswire
Date:Nov 17, 1993
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