A. Schulman enters into $300 million revolving facility via JPMorgan

By Jennifer Chiou

New York, Jan. 13 - A. Schulman, Inc. entered into a credit facility agreement providing for a $300 million revolving loan facility with JPMorgan Chase Bank, NA as the administrative agent along with J.P. Morgan Europe Ltd. and J.P. Morgan Chase Bank Bhd. as global agents, according to an 8-K filing with the Securities and Exchange Commission.

The company entered into the facility alongside Courtenay Polymers Pty. Ltd., ICO Polymers (Malaysia) Sdn. Bhd. and A. Schulman International Services BVBA on Jan. 7.

The facility is comprised of an up to $250 million U.S. tranche revolving loan, a foreign tranche revolving loan of up to $45 million and a Malaysian tranche revolving loan for up to $5 million.

The loan will be due on Jan. 7, 2016.

Proceeds will go towards general corporate purposes, including repayment of indebtedness, repurchase of equity interests and financing of certain acquisitions.

The facility is secured by a pledge of 65% of the equity interests of each existing and future foreign subsidiary owned directly by A. Schulman or any guarantor.

The Akron, Ohio-based company is a plastic resins and plastic compound manufacturer.

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