Myers Industries amends revolving credit facility, extends three years

Chicago, March 16 – Myers Industries Inc. entered into a sixth amended and restated loan agreement on March 12 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The agreement provides for a $250 million revolver with a March 12, 2024 maturity which replaces the company’s existing $200 million facility.

The $250 million amount includes a letter of credit subfacility and swingline facility.

There is also an accordion feature which allows the borrower to increase availability by up to an additional $200 million.

Interest is based on the company’s leverage ratio and for Eurodollar loans is set in a range between Libor plus 95 basis points and Libor plus 200 bps.

The facility fee ranges from 30 bps to 50 bps.

U.S. Bank NA is the syndication agent. KeyBank NA, PNC Bank, NA, Wells Fargo Bank, NA and Fifth Third Bank, NA are documentation agents.

JPMorgan and U.S. Bank are joint bookrunners and joint lead arrangers.

Borrowers listed in the loan are Myers Industries, Inc., MYE Canada Operations Inc., Scepter Canada Inc. and other foreign subsidiary borrowers.

Myers is an Akron, Ohio, manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

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