Omnova Solutions increases revolver to $90 million

By Angela McDaniels

Tacoma, Wash., Jan. 4 - Omnova Solutions Inc. said it amended its credit agreement on Dec. 28, increasing the size of its revolving credit facility to $90 million from $80 million.

The agreement was also amended to allow the company to use borrowings under the revolver to purchase the remaining equity interest in its Asian joint ventures, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is the agent.

Subsequent to the amendment, Omnova entered into an agreement to purchase all remaining equity interests in its Asian joint ventures from partner CPPC PCL for $28 million in cash, with a potential for future consideration of $2 million based on achievement of financial objectives.

Omnova is a Fairlawn, Ohio, provider of emulsion polymers and specialty chemicals.

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