As a result of the new credit facility, repayment of the mortgage loan and redemption of the Senior Notes, NewMarket is expecting approximately $10 million in annual pre-tax interest expense savings.Key terms of the company’s new credit facility:
- $650 million, five-year unsecured revolving credit facility;
- $150 million expansion feature;
- Grid pricing based on EBITDA to debt levels; and
- Customary financial covenants for an unsecured facility.
You should keep in mind that any forward-looking statement made by NewMarket in the foregoing discussion speaks only as of the date on which such forward-looking statement is made. New risks and uncertainties come up from time to time, and it is impossible for us to predict these events or how they may affect the company. We have no duty to, and do not intend to, update or revise the forward-looking statements in this discussion after the date hereof, except as may be required by law. In light of these risks and uncertainties, you should keep in mind that the events described in any forward-looking statement made in this discussion, or elsewhere, might not occur.