Innospec secures $100m funding package

According to recent news, CHESHIRE chemicals giant Innospec, has won a $100m (£64m) package in order to further work on its expansion plans. The company secured the package of $100m in credit which will be valid till 2016. Patrick Williams, who is the chief executive officer as well as the president of the company while commenting on the news said, “We are very pleased to complete this refinancing on favourable terms, which recognises the strength of our business model and prospects for growth, profitability and visibility over the long term. It is also important to note that our core lending group now includes a US-based bank, Wells Fargo, among Lloyds TSB Bank plc, Barclays, Yorkshire Bank, Royal Bank of Scotland and Credit Suisse.The credit facility will support our strategic and financial initiatives for continued growth and expansion at Innospec.”