Innophos Completes Redemption of Senior Subordinated Notes

Innophos Holdings, Inc. IPHS today announced that its Innophos, Inc. subsidiary had completed the previously announced redemption of all remaining $190.0 million of its outstanding 8.875% Senior Subordinated Notes due 2014. The redemption price for the Notes was 102.958% of principal amount plus accrued and unpaid interest to the redemption date. The redemption is expected to reduce Innophos' annual consolidated net interest expense by approximately $11.5 million and improve earnings per share (EPS) by 32 cents. The Company disclosed that the redemption was funded by borrowings under its recently completed senior bank credit facility, using the $100.0 million term loan and an initial drawing of $70.0 million under the revolving credit line provided under that facility, plus employing approximately $27.6 million of cash on hand.