Innospec Closes $100 Million Credit Facility
19 Décembre 2011 - 10:30PM
Innospec, Inc. (Nasdaq:IOSP), an international specialty chemicals
company serving the refining, transportation, energy, personal care
and fragrances markets, today announced that it has successfully
closed on a new, multi-currency revolving credit agreement with
various lenders, led by Lloyds TSB Bank Plc. The secured facility
provides for the availability of $100 million in credit for a
five-year term, through 2016.
Commenting on the refinancing, Patrick Williams, president and
chief executive officer of Innospec, noted, "We are very pleased to
complete this refinancing on favorable terms, which recognizes the
strength of our business model and prospects for growth,
profitability and visibility over the long term. It is also
important to note that our core lending group now includes a
U.S.-based bank, Wells Fargo, among Lloyds TSB Bank plc, Barclays,
Yorkshire Bank, Royal Bank of Scotland and Credit Suisse AG. The
credit facility will support our strategic and financial
initiatives for continued growth and expansion at Innospec."
About Innospec Inc.
Innospec Inc. is an international specialty chemicals company
with approximately 850 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. Innospec's Fuel Specialties business specializes
in manufacturing and supplying the fuel additives that help improve
fuel efficiency, boost engine performance and reduce harmful
emissions. Innospec's Active Chemicals business provides effective
technology-based solutions for our customers' processes or products
focused in the Personal Care; Household, Industrial &
Institutional; and Fragrance Ingredients 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", "anticipates",
"may", "believes" or similar words or expressions), for example,
which relate to operating performance, events or developments that
we expect or anticipate will or may occur in the future (including,
without limitation, any of the Company's guidance in respect of
sales, gross margins, pension liabilities and charges, net income,
growth potential and other measures of financial
performance). Although forward-looking statements are believed
by management to be reasonable when made, caution should be
exercised not to place undue reliance on such statements because
they are subject to certain risks, uncertainties and assumptions,
including in respect of the general business environment,
regulatory actions or changes. If the risks or uncertainties
materialize or assumptions prove incorrect or change, our actual
performance or results may differ materially from those expressed
or implied by such forward-looking statements and
assumptions. Additional information regarding risks,
uncertainties and assumptions relating to the Company and affecting
our business operations and prospects are described in the
Company's Annual Report on Form 10-K for the year ended December
31, 2010 and other reports filed with the U.S. Securities and
Exchange Commission. You are urged to carefully review and
consider the cautionary statements and other disclosures made in
those filings, including specifically those under the heading "Risk
Factors". The Company undertakes no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For more information about Innospec, please visit our website at
www.innospecinc.com.
CONTACT: Brian Watt
Innospec Inc.
+44-151-356-6241
Brian.Watt@innospecinc.com
Robert Ferris
RF Binder Partners
+1-212-994-7505
Robert.ferris@rfbinder.com
Dan Scorpio
RF Binder Partners
+1-212-994-7609
dan.scorpio@rfbinder.com
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