Insituform Technologies, Inc. Enters into New $500 Million Credit Facility

Insituform Technologies, Inc. INSU today announced that it has entered into a new $500 million credit facility with a syndicate of banks, with Bank of America, N.A. serving as the administrative agent and JPMorgan Chase Bank, N.A. serving as the syndication agent. The credit facility consists of a $250 million five-year revolving credit line and a $250 million five-year term loan facility. The entire amount of the term loan was drawn by the Company on August 31, 2011 for the following purposes: (1) to pay the $115.8 million cash purchase price of the Company's acquisition of the North American business of Fyfe Group, LLC, which transaction closed on August 31, 2011; (2) to retire $52.5 million in indebtedness outstanding under the Company's prior credit facility; (3) to redeem the Company's $65.0 million, 6.54% Senior Notes, due April 2013, and pay the associated $5.6 million make-whole payment due in connection with the redemption of the Senior Notes; and (4) to fund expenses associated with the new credit facility and the Fyfe North America transaction. This new facility replaces the Company's existing $115 million facility.