OM Group gets $350 million five-year revolver at Libor plus 112.5 bps

By Susanna Moon

Chicago, Sept. 6 - OM Group, Inc. said it obtained a $350 million five-year senior secured revolving credit facility at an initial rate of Libor plus 112.5 basis points.

The facility was arranged by PNC Bank, NA and includes nine other lenders with existing relationships with the company, according to a company press release.

The credit agreement replaces the company's credit facility set to expire in August 2016.

The new facility also includes an expansion option of up to another $150 million.

"We are pleased to have the support of our banks for our growth strategy, including synergistic acquisitions," Christopher M. Hix, chief financial officer of OM Group, said in the press release.

"This new credit facility includes attractive pricing and flexibility, recognizing our strong financial condition and more predictable business profile following the recent divestitures of our commodity businesses. The new facility, along with existing cash balances and future cash flows, gives us ample capacity to fund our operating and strategic growth."

OM Group is a technology-based industrial growth company with its headquarters in Cleveland.

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