NewMarket Refinances, Restructures Debt

NewMarket Corporation has entered into a new, $650 million, five-year unsecured credit facility, replacing an older $300 million facility that would have matured in 2015. Part of the new facility will go towards redeeming $150 million in 7.125% senior debt. The to-be-redeemed debt is due in 2016. NewMarket will redeem the debt at a price equal to about 103.6% of principal, plus interest. The new credit facility will also be used to pay back a $63 million mortgage loan that used one of the company's office buildings as collateral. Taken together, these moves will...

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