Oglebay Norton sells $75 million notes, extends credit facility

New York, Oct. 25 - Oglebay Norton Co. said it sold $75 million senior secured notes in a private transaction and extended its senior secured credit facility to October 2004.

The Cleveland minerals and aggregates company said the notes mature in October 2008 with scheduled amortization of 50% of principal in each of 2007 and 2008. Interest is 13% in cash payable quarterly and 5% payable in kind.

"This transaction allows us to reduce the amount of our bank facility and extend its terms," said John N. Lauer, Oglebay Norton's chairman and chief executive officer, in a news release. "We believe this transaction has stabilized our capital structure and allows our management team to focus on executing our integrated strategy over the next couple years."

According to previous filings with the Securities and Exchange Commission, Oglebay Norton had a $118 million term loan and a $207 million revolving credit facility, both due April 3, 2003.

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