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Myers Industries obtains $200 million amended and restated revolver
By Tali Rackner
Norfolk, Va., March 9 – Myers Industries, Inc. entered into a fifth amended and restated loan agreement on Wednesday that provides for a $200 million senior revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.
JPMorgan Chase Bank, NA is the administrative agent.
The amended facility, which matures on March 8, 2022, includes a $25 million sublimit for letters of credit and a $20 million sublimit for swingline loans. It includes an up to $200 million accordion option.
Borrowings bear interest at Libor plus 95 basis points to 200 bps, depending on the company’s leverage ratio. The facility fee ranges from 30 bps to 50 bps, also based on leverage. At closing, interest was equal to Libor plus 155 bps with a 45 bps facility fee.
The loan agreement contains certain financial covenants that require the company to maintain a maximum debt to EBITDA ratio of 3.75 times from closing through the fiscal quarter ending June 30; 3.5 times at Sept. 30; and 3.25 times at Dec. 31, 2017 and thereafter. It must also maintain a minimum interest coverage ratio of 3 times.
Proceeds will be used to replace the existing $300 million facility.
JPMorgan and U.S. Bank NA acted as joint bookrunners and lead arrangers on the deal. U.S. Bank acted as syndication agent, and KeyBank NA, PNC Bank, NA, Wells Fargo Bank, NA and Fifth Third Bank acted as co-documentation agents.
Myers Industries is an Akron, Ohio-based manufacturer of polymer products and a wholesale distributor of tools, equipment, and supplies for the tire, wheel and undervehicle service industry.
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