Univar Inc. announced today that Univar and certain of its wholly-owned subsidiaries have entered into a new credit agreement with Bank of America, N.A., as U.S. administrative agent, Bank of America, N.A. (acting through its Canada branch), as Canadian administrative agent and each lender party thereto and the other agents party thereto. With a broad portfolio of products and value-added services, and deep technical and market expertise, Univar delivers the tailored solutions customers need through one of the most extensive chemical distribution networks in the world.

The new credit agreement provides for a five-year senior secured asset-based lending credit facility in an aggregate amount of $1.3 billion, and a three-year senior secured term loan facility in an aggregate principal amount of $100 million.  A portion of the proceeds of the term loan facility were used to prepay all of Univar's outstanding loans under Univar's existing credit agreement.

"With the proceeds of Univar's IPO, together with the completion of our refinancing activities, we have extended our debt maturity profile by five years and, more importantly, significantly reduced our annual cash interest expenses," said Univar President and Chief Executive Officer Erik Fyrwald. "By decreasing our leverage, improving our capital structure, and increasing our cash flow, we now have a stronger balance sheet and additional financial flexibility to capitalize on our growth strategies."

Univar has filed Securities and Exchange Commission a Current Report on Form 8-K, which includes additional details about the new credit agreement. To view the filing, click here.

Founded in 1924, Univar is a global distributor of specialty and basic chemicals from more than 8,000 producers worldwide. Univar operates more than 700 distribution facilities throughout North America, Western Europe, the Asia-Pacific region, and Latin America, supported by a global network of sales and technical professionals. With a broad portfolio of products and value-added services, and deep technical and market expertise, Univar delivers the tailored solutions customers need through one of the most extensive chemical distribution networks in the world. Univar is Chemistry DeliveredSM.