NewMarket uses $690 million revolver borrowings for Ampac purchase

By Wendy Van Sickle

Columbus, Ohio, Jan. 22 – NewMarket Corp. used $690 million of borrowings under its existing revolving credit facility as well as cash on hand to fund the $700 million purchase price in its all outstanding ownership units of Ampac Intermediate Holdings, LLC the ultimate parent company of American Pacific Corp. from Coyote Ultimate Holdings, LLC, according to an 8-K filing with the Securities and Exchange Commission.

The acquisition closed on Jan. 16.

Through subsidiaries Afton Chemical Corp. and Ethyl Corp., Richmond, Va.-based NewMarket develops, manufactures, blends and delivers chemical additives that enhance the performance of petroleum products. Based in Cedar City, Utah, Ampac is a manufacturer of critical performance additives used in solid rocket motors for space launch and military defense applications. It also manufactures Halotron BrX, a clean and environmentally friendly fire extinguishing agent that replaces legacy high ozone-depleting fire extinguishing agents.

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