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CLEVELAND, US: Ferro Corporation has successfully closed on a new $625 million senior-secured term loan facility and a new $400 million senior secured revolving credit facility. The company will use the proceeds of the new term-loan facility primarily to repay outstanding balances on the company’s prior facility. The new revolving credit line will be undrawn at the close.
The refinancing attracted significant interest in the lending community, allowing the company to secure attractive pricing while extending the debt maturity.
The new debt facility comprises the following:
“We are very pleased with the strong demonstration of support from our finance partners. In addition to providing a more cost-effective and flexible capital structure, this new credit facility increases our operating flexibility and supports our growth strategy,” said Peter Thomas, Ferro’s chairman, president and CEO.
Deutsche Bank Securities Inc and PNC acted as joint lead arrangers on the $1.0 billion in debt facilities.
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