Ingevity extends, repays, reduces revolver, repays term A-1 loans

By Wendy Van Sickle

Columbus, Ohio, Oct. 28 – Ingevity Corp. amended its credit agreement date March 7, 2016 on Wednesday to extend the maturity date to Oct. 28, 2025 and reduce commitments, among other things, according to an 8-K filing with the Securities and Exchange Commission.

Specifically, the commitments were reduced to $500 million from $750 million.

Additionally, JPMorgan Chase Bank, NA was appointed as successor administrative agent to Wells Fargo Bank, NA, and some leverage ratio tests and thresholds were modified to net leverage from gross leverage.

Also on Wednesday, the company repaid all $170 million of outstanding revolver borrowings and all $375 million of outstanding incremental term A-1 loans.

JPMorgan, Bank of America NA, Citizens Bank, NA and TD Bank, NA are the lead arrangers and bookrunners. MUFG Bank, Ltd., PNC Bank, NA, Truist Bank, U.S. Bank NA, BMO Harris Bank, NA and HSBC Bank USA NA are the syndication agents.

Goldman Sachs Bank USA, Citibank, NA and Keybank NA are the co-managers and documentation agents.

North Charleston, S.C.-based Ingevity manufactures specialty chemicals and high-performance activated carbon materials.

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