Home / Knowledge / News / Textiles / Omnova announces changes in term loan credit facility
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


Must ReadView All

Courtesy: ITMA 2015

Textiles | On 21st Jun 2018

Italy to host textile machinery fair ITMA in 2023

ITMA, the trendsetting textile and garment technology platform, will...

Courtesy: Connor Group

Textiles | On 21st Jun 2018

Protectionism top threat to textile sourcing: William Connor

Protectionism is the biggest political factor and threat affecting...

NRF urges US Congress to step in, stop trade war

Apparel/Garments | On 21st Jun 2018

NRF urges US Congress to step in, stop trade war

The National Retail Federation (NRF) recently urged the US Congress...

Interviews View All

Yashiki Gumber
Sahiba Fabrics

Fabric does not restrict us from fashion trends

Krishnanand Tripathi
Textrade International Ltd

We believe in vocational education for entry-level employees, offering...

C. Dhandayuthapani
Mag Solvics Pvt. Ltd

ITME 2016 exploited our full strength like never before

Apurva Kothari

No Nasties was the first fashion brand in India to make 100 per cent...

Sandip Bhojani, Manthan Patel

Krypthm Tradelink LLP is a Surat-based manufacturer of westernwear....

Liz Manning

<div><b>Liz Manning</b>, Business Development Manager at Catexel, has...

Giorgio Mantovani
Corman S.p.A

Giorgio Mantovani, MD of Corman, with a presence in both Milano and New...

Marcel Alberts
Eurofibers

Coating at a fibre level is a practice not usually seen in the...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Jay Ramrakhiani
Occasions Elegance Wear

It is believed that by early 19th century, Varanasi weavers had moved away ...

Samar Firdos
Arvind Ltd

<b>Samar Firdos</b>, Chief Manager (Design) at Lifestyle Apparel Denim...

Akta Adani
India Boulevard

India Boulevard is a San Francisco-based curated fashion marketplace that...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

Leave your Comments


June 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Advanced Search