Innospec Closes $200 Million Credit Facility
November 09 2015 - 9:30AM
Innospec, Inc. (NASDAQ:IOSP) today announced that it has
successfully closed on an amendment to its multi-currency revolving
credit agreement with a group of lenders, comprising Barclays Bank
PLC, Credit Suisse AG, Lloyds Bank plc, The Royal Bank of Scotland
plc, U.S. Bank National Association and Wells Fargo Bank N.A. The
secured facility provides for the availability of $200 million in
credit for a five-year term, through 2020. In addition, the
amendment allows the Company to request a further amount of up to
$50 million to be committed by the group of lenders.
Commenting on the refinancing, Patrick S. Williams, President
and Chief Executive Officer of Innospec, said, “We are very pleased
to complete this refinancing with improved terms, which
demonstrates the confidence our banking group has in the strength
of our business and its future prospects for growth and
profitability. The credit facility will support the continued
development of our strategy and facilitate the growth and expansion
of our business.”
About Innospec Inc.
Innospec Inc. is an international specialty
chemicals company with approximately 1300 employees in 20
countries. Innospec manufactures and supplies a wide range of
specialty chemicals to markets in the Americas, Europe, the Middle
East, Africa and Asia-Pacific. The Fuel Specialties business
specializes in manufacturing and supplying the fuel additives that
help improve fuel efficiency, boost engine performance and reduce
harmful emissions. This business also contains Oilfield Specialties
which provides specialty chemicals for oil & gas drilling and
production operations. Innospec's Performance Chemicals business
provides effective technology-based solutions for our customers’
processes or products focused in the Personal Care and Polymers
markets. Innospec's Octane Additives business is the world's only
producer of tetra ethyl lead.
Forward-Looking Statements
This press release contains certain
"forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than
statements of historical facts included or incorporated herein may
constitute forward-looking statements. Such forward-looking
statements include statements (covered by words like “expects,”
“estimates,” “anticipates,” “may,” “believes,” “feels” or similar
words or expressions, for example,) which relate to earnings,
growth potential, operating performance, events or developments
that we expect or anticipate will or may occur in the future.
Although forward-looking statements are believed by management to
be reasonable when made, they are subject to certain risks,
uncertainties and assumptions, and our actual performance or
results may differ materially from these forward-looking
statements. Additional information regarding risks, uncertainties
and assumptions relating to Innospec and affecting our business
operations and prospects are described in Innospec’s Annual Report
on Form 10-K for the year ended December 31, 2014, and other
reports filed with the U.S. Securities and Exchange Commission. You
are urged to review our discussion of risks and uncertainties that
could cause actual results to differ from forward-looking
statements under the heading "Risk Factors” in such reports.
Innospec undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise.
Brian Watt
Innospec Inc.
+44-151-356-6241
Brian.Watt@innospecinc.com
Chloe Miller
RF|Binder Partners
+1-212-994-7636
Chloe.Miller@RFBinder.com
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