NewMarket Secures $900M Credit Facility and $250M Loan

Newmarket (NEU) has released an update to notify the public and investors about an entry into a material definitive agreement.

NewMarket Corporation secured a new $900 million revolving credit facility and a $250 million term loan with a group of lenders, including Bank of America and Wells Fargo, with various borrowing sublimits and an option to increase the facility by up to $450 million or obtain incremental term loans. The revolving facility matures in 2029, while the term loan matures in 2026 with full repayment due at maturity and optional prepayment provisions. Interest rates for both are variable and dependent on the company’s financial metrics. The agreements include standard covenants and conditions, with a specific leverage ratio maintenance requirement, and are unsecured with a full company guarantee.

For further insights into NEU stock, check out TipRanks’ Stock Analysis page.