Ferro Corporation has successfully carried out refinancing
Ferro Corporation has successfully closed on a new USD 820 million senior-secured term loan facility and increased its senior-secured revolving credit facility to USD 500 million. The company will use the proceeds to repay outstanding balances on its prior facility.
The refinancing attracted significant interest in the lending community, allowing the company to secure attractive pricing while extending the debt maturity of the revolving credit facility.
The debt facility includes the following:
1. USD 355 million term loan, maturing 2024
Interest rate of LIBOR + 225 bps
2. USD 235 million term loan, maturing 2024
Interest rate of LIBOR + 225 bps
3. USD 230 million term loan, raised at a German subsidiary, maturing 2024
Initial interest rate of LIBOR + 225 bps
4. $500 million revolving credit line, maturing 2023
Initial interest rate of LIBOR + 200 bps
“This refinancing reflects our ongoing efforts to optimize our capital structure, and provides continuing financial flexibility to pursue our innovation and optimization strategy. We are very pleased with the strong demonstration of support from our finance partners,” said Peter Thomas, Ferro Chairman, President and CEO.
Deutsche Bank Securities Inc. and PNC acted as joint lead arrangers on the debt facilities.
Ferro Corporation is a leading global supplier of technology-based functional coatings and colour solutions. Ferro supplies functional coatings for glass, metal, ceramic and other substrates and colour solutions in the form of spe...
You are not logged in, please sign in to view contact
Info release
Promotion
Building shop
Online business
