Invista Lowers Debt by 63 Percent

Wichita, KS, Feb. 11, 2009--Invista BV on Monday announced a refinancing and capitalization plan that has reduced its debt by $1.6 billion since June.

The company in a news release says the reduction amounted to more than 63 percent of its debt. The privately held company says its debt-to-capital ratio is about 20 percent.

Invista says its remaining debt consists mostly of unsecured bonds and an asset-based loan.

The company also says shareholders have provided additional capital for the firm, which produces polymers and fibers for nylon, spandex and polyester products. Invista brands include Coolmax, Lycra and Stainmaster.

“With our refinancing complete and our restructuring activities well under way, Invista has the opportunity to operate as a leaner company with a stronger balance sheet,” says Invista Chairman and CEO Jeff Gentry in the company’s statement.

He says Invista also has been focused on “reducing spending and restructuring our asset base to match current market realities.” Gentry didn’t outline specific changes.

Invista in recent months has announced job reductions or closures in Athens, Ga.; Waynesboro, Va.; Seaford, Del.; and Wilton, England. Last week, it said it would stop operations at a polyester manufacturing facility in Offenbach, Germany.