Omnova plans $150 million term loan

By Sara Rosenberg

New York, April 20 - Omnova Solutions Inc. plans to obtain an about $150 million term loan, according to a company news release.

Proceeds will be used to help fund a cash tender offer for the company's $165 million of 11¼% secured notes due 2010.

The tender offer is scheduled to expire on May 18 and is conditioned on the company getting the new term loan.

In addition, the tender off is conditioned on the amendment of, and additional borrowings under, the company's existing senior secured credit facility.

Omnova is a Fairlawn, Ohio, provider of emulsion polymers and specialty chemicals, and decorative and functional surfaces for various commercial, industrial and residential end uses.

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