MOSCOW (MRC) -- PolyOne Corporation has announced that it has entered into a new senior secured term loan facility in an aggregate principal amount of USD550 million, as per the company's press release.
The proceeds from the term loan facility were used to repay all amounts outstanding under PolyOne's revolving credit facility and will be used to repay all of its outstanding 7.375% Senior Notes due 2020 and 7.5% debentures due 2015.
The term loan facility matures in 2022 and bears interest based on LIBOR plus 3.00%.
"We're very pleased with our recent refinancing actions, which provide us favorable interest rates, extended maturities, and enhanced liquidity while maintaining modest leverage," said Bradley C. Richardson, executive vice president and Chief Financial Officer, PolyOne Corporation. "We will continue to deploy our capital on strategic investments aligned with our four pillar strategy to drive growth and reach our 2020 Platinum Vision."
As MRC reported before, in February 2014, PolyOne Corporation announced the addition of new capabilities to its OnColor HC Plus portfolio. These expanded offerings add medical-grade LDPE, nylon, PEBA, PS and PVC to the globally available palette of specialty healthcare colorants, and are pre-certified to meet or exceed biocompatibility requirements for ISO 10993 and/or USP Class VI protocols.
PolyOne Corporation, with 2014 revenues of USD3.8 billion, is a global provider of specialized polymer materials, services, and solutions with operations in specialty polymer formulations, color and additive systems, polymer distribution and specialty vinyl resins.
MRC