Ferro to Sell Bonds in Refinancing Effort; S&P Raises Rating

Ferro is launching a public sale of $250 million in bonds due 2018. The bonds will carry an interest rate of 6.5% and are part of an effort to restructure Ferro's debt and credit obligations. Most of the proceeds from the bond sale will go towards purchasing $172.5 million in existing bonds due 2013, with the rest repaying outstanding borrowings under the company's existing credit line. Ferro is currently in negotiations with lenders on a new credit line, the company announced last week. Standard & Poor's (S&P; New York) has raised Ferro's corporate...

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