Invista, Innospec Refinance Debt

Two chemical companies have successfully refinanced their debt obligations despite the unprecedented credit crisis. Fiber maker Invista has made a number of changes to its capital structure including reducing total debt by $1.6 billion, or more than 63%, and refinancing its remaining debt. The recapitalization came from investment by Invista's shareholders and contributions from subsidiaries. Similarly, specialty chemical maker Innospec entered into a new three-year $50 million loan agreement and a $100 million line of credit to replace the company's existing loan, which was due to expire in June 2009. Innospec CEO Paul Jennings says the new financing reflects "the confidence that the syndicate of banks have in Innospec's business and credit position going forward."