Olin to repay Bradley County, Tenn., revenue bonds with credit facility

By Tali David

Minneapolis, April 27 - Olin Corp. plans to use the proceeds from a new credit facility to repay $7.7 million of the Industrial Development Board of the County of Bradley, Tenn., series 1993C variable-rate demand revenue refunding bonds, according to an 8-K filed with the Securities and Exchange Commission.

Olin's board of directors authorized the repayment of the 6.625% bonds at 103 during the second quarter.

Olin also entered into a forward purchase agreement and the second amendment to its amended and restated credit and funding agreement governing the Industrial Development Authority of Washington County series 2010A and 2010B bonds, the Mississippi Business Finance Corp. series 2010 bonds and the Industrial Development Board of the County of Bradley and the City of Cleveland, Tenn., series 2010 bonds to reduce the interest rate on the bonds and secure a commitment from the current holders of the bonds to repurchase the bonds through Oct. 31, 2016.

Based in Clayton, Mo., Olin manufactures chlorine and caustic soda products.

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