Innospec seals $100m refinancing
US CHEMICALS group Innospec – which has its UK headquarters in Ellesmere Port – has completed a $100m (£64m) refinancing.
Six banks: Yorkshire Bank’s Corporate and Structured Finance team in Manchester; Barclays Corporate; Lloyds TSB. RBS/NatWest; Credit Suisse and Wells Fargo, were involved in the deal.
Based in Colorado Innospec supports the refining, transportation, energy, personal care and fragrance markets.
The five -year $100m revolving credit facility will support Innospec’s strategic growth.
Yorkshire Bank is providing $20m (£12.75m) in a six-bank club along with Barclays, NatWest and Lloyds TSB, while Wells Fargo and Credit Suisse are providing $10m each.
Kevin Rimmer, corporate director at Yorkshire Bank Corporate and Structured Finance in Manchester, said: “Innospec has continued to perform well despite ongoing global challenges and fluctuating materials costs.
“This new facility will provide Innospec with the financial headroom it needs to pursue future growth opportunities and succeed in a competitive marketplace.”
Patrick Williams, president and chief executive of Innospec, added: “We are very pleased to complete this refinancing on favorable terms, which recognises the strength of our business model and prospects for growth, profitability and visibility over the long term.”
Innospec has operations in more than 20 countries and has annual revenues of around $600m. It is listed on the US NASDAQ market. It manufactures fuel additives at its Ellesmere Pork site.
