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.