OM Group Enters Into New Five-year Senior Secured Revolving Credit Facility

(RTTNews) - OM Group, Inc. (OMG) Friday said it has entered into a new five-year senior secured revolving credit facility, replacing its previous credit facility that was scheduled to expire in August 2016.

The new facility provides for $350 million of revolving borrowing capacity and includes an expansion option of up to an additional $150 million.

Borrowings under the facility are subject to a pricing grid with initial borrowings priced at LIBOR plus 112.5 basis points. The facility was arranged by PNC Bank, NA with participation from nine other banks that have existing relationships with the company.