Innophos Reworks Debt Obligations

Innophos has reworked the structure of the company's debt, swapping out a $65 million credit line for a $225 million facility with a later maturity date, and retiring some $190 million in bonds. The new $225 million credit facility will include a $100 million term loan and $125 million revolving credit line. Both will mature in 2015. The facility replaces an existing $65 million asset-backed revolving credit line that was due in 2013. Proceeds from the term loan and credit line will be used to redeem $190 million in bonds by September 27. The bonds carry an...

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