ALLENTOWN, Pa., Feb. 5, 2014 /PRNewswire/ -- Taminco Corporation (NYSE: TAM) (the "Company") announced today the execution of Amendment No. 3 to the existing Credit Agreement, dated February 15, 2012. The amendment lowered the interest rate on the senior secured facilities by 100bps and increased overall flexibility within the credit agreement. The repricing amendment is expected to reduce the Company's pre-tax annual cash interest payments by approximately $5 million.
"We are very pleased with the repricing amendment which secures the financing of our recent formic acid solutions acquisition and reduces our overall cost of borrowing," said Kurt Decat, the Company's Chief Financial Officer.
About Taminco Corporation
Taminco is the world's largest integrated producer of alkylamines and alkylamine derivatives. Taminco's products are used by its customers in the manufacture of a diverse array of everyday products for the agriculture, water treatment, personal & home care, animal nutrition and oil & gas end-markets. Taminco's products provide these goods with a variety of ancillary characteristics required for optimal performance. Taminco currently employs about 800 people and operates in 19 countries with seven production facilities in the US,
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