This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Innospec Expands Credit Facility To $200 Million

ENGLEWOOD, Colo., July 31, 2014 (GLOBE NEWSWIRE) -- Innospec Inc. (Nasdaq:IOSP) today announced that it has added a new bank to its existing credit facilities agreement and increased its borrowing capacity under the facilities to $200 million.

U.S. Bank has 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 revolving credit facility with an unchanged final maturity date of December 2016. As of March 31, 2014, Innospec's borrowings outstanding under the agreement totaled $134.0 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 Chief Executive Officer. "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."

About Innospec Inc.

Innospec Inc. is an international specialty chemicals company with approximately 1100 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. The Fuel Specialties business specializes in manufacturing and supplying the fuel additives that help improve fuel efficiency, boost engine performance and reduce harmful emissions. This business also contains Oilfield Specialties which provides specialty chemicals for oil & gas drilling and production operations. Innospec's Performance Chemicals business provides effective technology-based solutions for our customers' processes or products focused in the Personal Care; Polymers; and Fragrance Ingredients markets. Innospec's Octane Additives business is the world's only producer of tetra ethyl lead.

CONTACT: Brian Watt
         Innospec Inc.
         +44-151-356-6241
         Brian.Watt@innospecinc.com
         
         Robert D. 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

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,142.89 +10.92 0.06%
S&P 500 2,000.22 +1.24 0.06%
NASDAQ 4,559.8030 +7.0440 0.15%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs