Innospec announced that it added U.S. Bank to its existing credit facilities agreement and increased its borrowing capacity under the facilities to $200 million.
U.S. Bank joined the existing banking group supporting Innospec, and is providing an additional $20 million of facilities. The Royal Bank of Scotland plc, Yorkshire Bank, Lloyds Bank Commercial Banking, Barclays Bank, Wells Fargo and Credit Suisse remain with their same original commitments.
In total, the facilities now consist of a $200 million revolver with an unchanged final maturity date of December 2016. As of March 31, 2014, Innospec’s borrowings outstanding under the agreement totaled $134 million. Including cash and cash equivalents, the company’s overall net debt was $43.7 million.
“This is another positive step in the development of Innospec,” said Patrick S. Williams, president and CEO. “ The expansion of our banking relationships and increased borrowing capacity enhances our flexibility to fund organic growth as well as future strategic acquisitions in our chosen markets. U.S. Bank is well known to us and we are delighted to welcome them into our core banking group.
Innospec is an international specialty chemicals company.