Nova Chemicals obtains new credit facilities. (United States/Americas).(Brief Article)(Statistical Data Included)

Chemical Week, April, 2002 by Westervelt, Robert

Nova Chemicals says it has established two new unsecured credit facilities, replacing a $500-million facility due to expire in October. The first facility is a $310 million two-year revolving line of credit. The company has also received a short-term bridge loan of up to $200 million, which expires December 31. Terms of the facilities and the identity of the lenders were not disclosed.

The company says the previous $500-million credit line has been paid down in full and it has not yet tapped the new $310-million credit line. Nova says it expects to generate $300 million to $400 million from "non-operating sources" in 2002 and will use part of the proceeds to repay the bridge loan. The company says it expects $170 million in tax. refunds to be in hand by the end...

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