By Devika Patel
Knoxville, Tenn., Jan. 4 – NewMarket Corp. completed a $250 million private placement of 3.78% senior notes on Jan. 4, according to an 8-K filed Friday with the Securities and Exchange Commission.
The notes mature in January 2029.
Prudential Capital Group was the placement agent.
Principal payments of $50 million are payable annually starting in January 2025.
Proceeds will be used for working capital needs, for general corporate purposes and to repay short term borrowings under the company’s revolving credit facility.
Based in Richmond, Va., NewMarket, through its subsidiaries Afton Chemical Corp. and Ethyl Corp., develops, manufactures, blends and delivers chemical additives that enhance the performance of petroleum products.
| Issuer: | NewMarket Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | January 2029
|
| Agent: | Prudential Capital Group
|
| Coupon: | 3.78%
|
| Settlement date: | Jan. 4
|
| Distribution: | Private placement
|
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