OM Group gets $250 million three-year credit facility led by PNC

By Sara Rosenberg

New York, March 9 - OM Group Inc. closed on a new $250 million three-year secured revolving credit facility, according to a news release.

PNC Bank acted as the lead bank on the deal.

Pricing on the revolver can range from Libor plus 225 basis points to 300 bps.

There is a $75 million accordion feature.

Proceeds were used to replace the company's previous $100 million credit facility that was due to expire in December 2010.

At close, $150 million was drawn under the new revolver.

OM Group is a Cleveland-based global services provider of specialty chemicals, advanced materials, electrochemical energy storage and technologies.

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