CRANBURY, N.J., May 22 /PRNewswire-FirstCall/ -- Innophos Holdings, Inc. (Nasdaq: IPHS), a leading specialty phosphates producer in North America, today announced that its subsidiaries, Innophos, Inc. and Innophos Canada, Inc. had entered into a four-year senior secured revolving credit facility with Wachovia Bank, National Association, a Wells Fargo Company, as Agent and lender. The new facility provides for a maximum of $65 million of revolving loans depending on the companies' borrowing base. At the same time, Innophos terminated its previous bank revolving and term loan facility by paying off the remaining balance of $72.5 million with cash on hand.

Richard Heyse, Vice President and Chief Financial Officer of Innophos, commented on the refinancing, "Strong cash flow generation in 2008 and early 2009 has allowed us to pay off our previous credit facility one year early. We are pleased to implement a new, larger revolving credit line that allows us greater flexibility for use of our cash flows over the next four years. With the repayment of the bank debt complete, our next maturities are the senior unsecured notes due 2012 followed by the senior subordinated notes due 2014."

The new credit facility, which is $15 million larger than the previous revolver, contains a $20 million letter of credit sub-limit, is subject to certain financial covenants, determines borrowing availability based on qualifying accounts receivable and inventory eligibility, has interest rates similar to the previous credit facility, and is collateralized by substantially all the borrowers' assets, excluding real property, plant and equipment. At the initiation date, Innophos had a borrowing base sufficient to utilize the entire facility, but did not draw on it. The Company intends to use the new facility for capital expenditures, working capital and other general corporate purposes. Innophos' subsidiaries in Mexico are not involved in the facility as borrowers, guarantors or providers of collateral.

About Innophos Holdings, Inc.

Innophos Holdings, Inc. (www.innophos.com), the holding company for a leading North American manufacturer of specialty phosphates, serves a diverse range of customers across multiple applications, geographies and channels. Innophos offers a broad suite of products used in a wide variety of food and beverage, consumer products, pharmaceutical and industrial applications. Innophos' market-leading positions derive from its experience and dedication to customer service and innovation. Headquartered in Cranbury, New Jersey, Innophos has manufacturing operations in Nashville, TN; Chicago Heights, IL; Chicago (Waterway), IL; Geismar, LA; Port Maitland, ON (Canada); and Coatzacoalcos, Veracruz and Mission Hills, Guanajuato (Mexico). 'IPHS-G'

SOURCE Innophos Holdings, Inc.

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