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INVISTA completes refinancing, reduces debt by 63%
11
Feb '09
INVISTA B.V. and its subsidiaries completed a refinancing and recapitalization effort that has substantially reduced the company's debt, improved its capital structure, and resulted in a solid debt-to-total-capital ratio of approximately 20 percent.

Since June, INVISTA has reduced its total debt by $1.6 billion (more than 63 percent) as part of a strategy to best position the company for the current and future business environment.

“Amid a global economic downturn that has companies around the world struggling to secure their futures, we have significantly reduced our debt and strengthened our financial position,” said Jeff Gentry, INVISTA chairman and chief executive officer.

INVISTA's remaining debt primarily consists of unsecured bonds and an asset-based loan which provides for credit terms that are free from many of the restrictions of other loan arrangements. The recapitalization effort included additional investment by INVISTA's shareholders, certain subsidiaries of Koch Industries, Inc.

“Even with this refinancing effort concluded, we will continue to focus on reducing spending and restructuring our asset base to match current market realities,” said Gentry. “Executing these strategies is necessary to meet today's challenges and allow us to pursue opportunities that will undoubtedly present themselves coming out of this down-cycle.

“With our refinancing complete and our restructuring activities well underway, INVISTA has the opportunity to operate as a leaner company with a stronger balance sheet. This enables us to continue to innovate and serve customers competitively with value-added products,” Gentry said.

INVISTA B.V.

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