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NCX Secures $150 Million In New Financing

http://finance.yahoo.com/news/NOVA-Chemicals-Secures-150-bw-14434558.html

* Sunday February 22, 2009, 10:43 pm EST

CALGARY, Alberta--(BUSINESS WIRE)--NOVA Chemicals today announced that the Company has secured $150 million in new financing. The $150 million exceeds the February 28, 2009, new financing condition agreed to by the Company as part of the earlier announced financial covenant relief. The new financing is a revolving credit facility with Export Development Canada (EDC), and a syndicate of three Canadian banks.

“This is a very big step toward ensuring NOVA Chemicals’ financial position remains solid through this challenging period. We are particularly pleased to add EDC as a new lender to our financing mix,” said Larry MacDonald, Chief Financial Officer.

NOVA Chemicals produces plastics and chemicals that are essential to everyday life. Our employees develop and manufacture materials for customers worldwide that produce consumer, industrial and packaging products. NOVA Chemicals works with a commitment to Responsible Care® to ensure effective health, safety, security and environmental stewardship. Company shares are traded on the Toronto and New York stock exchanges as NCX.

Visit NOVA Chemicals on the Internet at www.novachemicals.com.