Nouryon completed a repricing of its Euro and US dollar term loans, reducing its annual interest payments by approximately €18.5 million ($20.4 million). 

The successful repricing was enabled by the company’s solid financial performance in 2019.

The repricing, which was completed on Jan. 24, covers the company’s currently outstanding €1,790 million Term Loan B and $4,197 million US Dollar Term Loan B, each due October 2025.

Interest rates were reduced by 50 basis points on the Euro loan and 25 basis points on the US Dollar loan.

“This has been a very successful repricing with a high level of interest from lenders, reflecting Nouryon’s strong cash generation and growth in EBITDA,” said Renier Vree, Nouryon’s CFO.

The repricing follows a previous voluntary debt prepayment of $110 million (equivalent to approximately €100 million) on its US Dollar Term Loan B, made in the fourth quarter of 2019. That amount, combined with scheduled repayments, took the company’s total debt reduction in 2019 to $143 million (equivalent to approximately €130 million).

“We will continue to look at ways to reduce our leverage while maintaining ample liquidity,” Vree said. “We will also continue to invest in attractive capacity expansions and selected bolt-on acquisitions to support the growth of our customers.”