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Long-Term Debt
 9 Months Ended
Sep. 30, 2019
Debt Disclosure [Abstract]  
Long-Term Debt
NOTE 9 – LONG-TERM DEBT
Long-term debt consists of the following:
(in millions)
 
September 30,
2019
   
December 31,
2018
 
Revolving credit facility
  $
132.5
    $
126.0
 
Term loan
   
0.0
     
82.5
 
Deferred finance costs
   
(1.3
)    
(0.9
 )
                 
   $
131.2
    $
207.6
 
Due within one year
   
0.0
     
(21.4
 )
                 
Due after one year
  $
131.2
    $
186.2
 
On September 
26
, 2019, Innospec and certain of its subsidiaries entered into a new agreement for
 a $250.0 million revolving credit facility until
September 25, 2023
 
with an option to request an extension to the facility for a further year. The facility also contains an accordion feature whereby the Company may elect to increase the total available borrowings by an aggregate amount of u
p to
 $125.0 million
.
On September ​​​​​​​30, 2019 the Company repaid its
pre-existing
term loan and revolving credit facility that had been amended and restated on December 14, 2016, and replaced this borrowing with the new credit facility.
As a result, refinancing costs of $1.3 million were capitalized which are being amortized over the expected life of the facility.