Fibre provider Invista has completed a refinancing and recapitalisation process to substantially reduce the company's debt.

Since June 2008, the US company said it had reduced its total debt by US$1.6bn, resulting in a debt-to-capital ratio of about 20%.

"Amid a global economic downturn that has companies around the world struggling to secure their futures, we have significantly reduced our debt and strengthened our financial position," said Jeff Gentry, Invista chairman and CEO.

The recapitalisation included additional investment by Invista's shareholders, subsidiaries of Koch Industries.

"Even with this refinancing effort concluded, we will continue to focus on reducing spending and restructuring our asset base to match current market realities," said Gentry.

"Executing these strategies is necessary to meet today's challenges and allow us to pursue opportunities that will undoubtedly present themselves coming out of this down-cycle."