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Omnova announces changes in term loan credit facility
12
Mar '13
OMNOVA Solutions Inc. announced the successful completion of an amendment to its $200 million Term Loan Credit Facility ($195.5 million outstanding). Key changes in terms include a one-year extension of the facility maturity to May 2018 and a reduction in borrowing spreads of 1.25%.  Effective March 7, the new floating interest rate is 4.25%. 

The annual interest expense savings of the amended Term Loan Facility is approximately $2.4 million at current LIBOR rates. The Company will record a charge of approximately $1.5 million in the 2013 second quarter related to this transaction.

In addition to the Term Loan Facility, OMNOVA's long term capital structure includes $250 million of Senior Notes with a coupon of 7.875% which matures in November 2018.  The Company's liquidity position as of November 30, 2012 totaled $222.5 million which included $148.5 million of cash, cash equivalents and restricted cash, and $74.0 million of availability under an asset-based revolving credit facility.

OMNOVA Solutions Inc. is a technology-based company with sales for the fiscal year ending November 30, 2012 of $1.1 billion and a global workforce of approximately 2,400. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses.

OMNOVA Solutions

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