Orion Engineered Carbons partially draws down on revolver

By Wendy Van Sickle

Columbus, Ohio, March 23 – Orion Engineered Carbons SA partially drew down its revolving credit facility, effective Tuesday, to access cash sufficient to increase its cash position at quarter end to approximately $100 million from $63.7 million at Dec. 31, 2019, according to a news release on Monday.

The impact on the balance sheet of the increase in cash will be net debt neutral.

The company also announced that in response to the ongoing uncertainty surrounding the duration, magnitude and geographic reach of Covid-19, it is withdrawing its full-year 2020 guidance issued on Feb. 20.

Orion Engineered Carbons is a Frankfurt-based producer of carbon black.

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