Innospec Closes $100 Million Credit Facility
LITTLETON, Colo., Dec. 19, 2011 (GLOBE NEWSWIRE) -- 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 (IOSP), 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.
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.firstname.lastname@example.org Dan Scorpio RF Binder Partners +1-212-994-7609 email@example.comSource: Innospec Inc. 2011 GlobeNewswire, Inc.