Astaris LLC, a worldwide leader in phosphate technology solutions for food, industrial and institutional applications, has obtained a new three- year revolving credit facility for up to $100 million from a group of lenders with Citicorp USA Inc. acting as Administrative Agent. The facility initially will be up to $75 million with a $25 million uncommitted expansion option. It replaces a $20 million credit facility that was scheduled to expire in September 2005.



"We were very pleased with the support shown by our new lenders," said Paul L. Howes, president and chief executive officer. "The new revolving credit facility increases our liquidity and was accomplished without the need for continued credit support from our joint-venture owners, Solutia Inc. and FMC Corporation. The new credit agreement also allowed us to repay Solutia and FMC approximately $16 million each that had been deferred in support of the company's restructuring plan announced in October 2003."



Based in St. Louis, Mo., Astaris LLC is jointly owned by Solutia Inc. and FMC Corporation and provides phosphate technology solutions for food, industrial and institutional applications to customers worldwide.



Source: PR Newswire