NEWMARKET CORP (NEU): debt financing — NewMarket enters $900M revolver and $250M term loan, repays $715M former facility

NEWMARKET CORP

New $900M revolving credit facility matures Jan 2029; $250M term loan matures Jan 2026.
Company borrowed $250M from term loan and $465M from revolver to repay $715M outstanding under former credit facility.
Former facility was used for Jan 16, 2024 acquisition of AMPAC Intermediate Holdings (American Pacific Corp).
Financial covenant: consolidated leverage ratio not to exceed 3.75x; facility includes $450M expansion feature.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NEWMARKET CORP incurred revolving credit of $900 million with Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto at Base Rate, Term SOFR, Weekly Adjusted Term SOFR, the Alternative Currency Term R maturing January 22, 2029.

Instrument: revolving credit
Principal: $900 million
Counterparty: Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto
Rate: Base Rate, Term SOFR, Weekly Adjusted Term SOFR, the Alternative Currency Term R
Maturity: January 22, 2029
Event: incurrence

Exact text from the filing

On January 22, 2024, NewMarket Corporation (the “Company”) entered into a credit agreement for a new $900 million revolving credit facility

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Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

NEWMARKET CORP incurred term loan of $250 million with Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto at Term SOFR plus the Applicable Rate maturing January 22, 2026.

Instrument: term loan
Principal: $250 million
Counterparty: Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto
Rate: Term SOFR plus the Applicable Rate
Maturity: January 22, 2026
Event: incurrence

Exact text from the filing

On January 22, 2024, the Company also entered into a credit agreement for a $250 million term loan

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEWMARKET CORP entered into Term Loan Credit Agreement with Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto valued at $250 million (effective 2024-01-22).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto
Value: $250 million
Effective: 2024-01-22

Exact text from the filing

On January 22, 2024, the Company also entered into a credit agreement for a $250 million term loan (the “Term Loan Credit Agreement” and, together with the Revolving Credit Agreement, the “Credit Agreements”) among the Company, Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

NEWMARKET CORP entered into Revolving Credit Agreement with Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto valued at $900 million (effective 2024-01-22).

Action: entry
Agreement: credit facility
Counterparty: Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto
Value: $900 million
Effective: 2024-01-22

Exact text from the filing

On January 22, 2024, NewMarket Corporation (the “Company”) entered into a credit agreement for a new $900 million revolving credit facility (the “Revolving Credit Agreement”) among the Company, the Foreign Subsidiary Borrowers that may from time to time be party thereto (such subsidiaries, collectively with the Company, the “Borrower”), Bank of America, N.A., as Administrative Agent, Wells Fargo Bank, National Association, as Syndication Agent, and the other lenders party thereto.

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.7

NEWMARKET CORP terminated Former Credit Agreement (effective 2024-01-22).

Action: termination
Agreement: credit facility
Effective: 2024-01-22

Exact text from the filing

In connection with the Company’s entry into the Credit Agreements, the Company terminated its former revolving credit facility and the related credit agreement, dated as of March 5, 2020 (as subsequently amended, the “Former Credit Agreement”), among the Co

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283 debt financings filed in the last 30 days. Browse all debt financings →

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Source: SEC EDGAR

accession 0001193125-24-014859

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