Albemarle obtains $375m credit line to meet liquidity needs

13 September 2002 15:41  [Source: ICIS news]

HOUSTON (CNI)--Specialty chemical maker Albemarle said Friday it has signed a three-year, $375m (Euro382.7m) revolving line of credit with a group of lenders led by Bank of America.

Paul Rocheleau, Albemarle senior vice president and chief financial officer, said the new facility will meet Albemarle's short-term liquidity requirements "and provide headroom for future growth and investment."

The company said an existing loan agreement is scheduled to mature 29 September.

Albemarle said its outstanding revolving debt is $170m.

Richmond, Virginia-based Albemarle is a producer of specialty chemicals.

By: Mike Sheridan
+1 713 525 2653

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