OM Group amends loan, changing covenants, converting $100 million to term loan

By Sara Rosenberg

New York, Dec. 9 - OM Group Inc. received lender approval to amend its $325 million revolver and $600 million term loan, changing financial covenants and converting $100 million of the revolver to a term loan maturing in 2006.

The amendment will give the company time to execute its restructuring program that includes selling non-core assets, closing operations and reducing costs.

"We are pleased with the support that we have received from our bank group and term lenders," said Thomas R. Miklich, chief financial officer, in a news release. "The amended credit facility will allow us to implement our restructuring initiatives, while allowing us to serve the needs of our customers in the high standard they have come to expect from us."

OM Group is a Cleveland, Ohio producer and marketer of value-added, metal-based specialty chemicals and related materials.

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