Taminco Corporation Announces the Repricing of Credit Agreement
ALLENTOWN, Pa., Feb. 5, 2014 /PRNewswire/ -- Taminco Corporation (NYSE: TAM) (the "Company") announced today the execution of Amendment No. 3 to the existing Credit Agreement, dated February 15, 2012. The amendment lowered the interest rate on the senior secured facilities by 100bps and increased overall flexibility within the credit agreement. The repricing amendment is expected to reduce the Company's pre-tax annual cash interest payments by approximately $5 million.
"We are very pleased with the repricing amendment which secures the financing of our recent formic acid solutions acquisition and reduces our overall cost of borrowing," said Kurt Decat, the Company's Chief Financial Officer.
About Taminco Corporation
Taminco is the world's largest integrated producer of alkylamines and alkylamine derivatives. Taminco's products are used by its customers in the manufacture of a diverse array of everyday products for the agriculture, water treatment, personal & home care, animal nutrition and oil & gas end-markets. Taminco's products provide these goods with a variety of ancillary characteristics required for optimal performance. Taminco currently employs about 800 people and operates in 19 countries with seven production facilities in the US, Europe and Asia.
Any statements made in this press release that are not statements of historical fact, including statements about our beliefs and expectations, are forward-looking statements within the meaning of the federal securities laws, and should be evaluated as such. Forward-looking statements include information concerning possible or assumed future results of operations, including descriptions of our business plan and strategies. These statements often include words such as "anticipate," "expect," "suggests," "plan," "believe," "intend," "estimates," "targets," "projects," "should," "could," "would," "may," "will," "forecast," and other similar expressions. For more information concerning factors that could cause actual results to differ materially from those contained in the forward-looking statements please refer to the "Risk Factors" section of the Registration Statement on Form S-1 filed by the Company with the Securities and Exchange Commission and subsequent filings by the Company. We base these forward-looking statements or projections on our current expectations, plans and assumptions that we have made in light of our experience in the industry, as well as our perceptions of historical trends, current conditions, expected future developments and other factors we believe are appropriate under the circumstances and at such time. As you read and consider this press release, you should understand that these statements are not guarantees of performance or results. The forward-looking statements and projections are subject to and involve risks, uncertainties and assumptions and you should not place undue reliance on these forward-looking statements or projections. Although we believe that these forward-looking statements and projections are based on reasonable assumptions at the time they are made, you should be aware that many factors could affect our actual financial results or results of operations and could cause actual results to differ materially from those expressed in the forward-looking statements and projections. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. If we do update one or more forward-looking statements, there should be no inference that we will make additional updates with respect to those or other forward-looking statements.
SOURCE Taminco Corporation