OM Group gets $250M revolving loan, uses $100M to pay off debt related to acquisition
By APTuesday, March 9, 2010
OM Group gets new $250M revolving loan
CLEVELAND — OM Group Inc., which makes industrial chemicals and materials, said Tuesday that it has a new $250 million secured revolving-credit facility with a syndicate of lenders.
The new revolving loan replaces a $100 million facility that was to expire in December.
OM Group said it borrowed $150 million under the new loan to repay debt the company took on to buy EaglePicher Technologies in a deal that closed Jan 29.
The three-year loan includes an “accordion” feature that lets OM Group increase available credit to $325 million, subject to certain conditions.
The syndicate of lenders is led by PNC Bank NA.
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