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People & Business :: Earnings/Finance
Ferro amends credit facility
March 28, 2013 | Vincent Valk
Ferro and its lenders have agreed to amend its senior credit facility, reducing the company’s revolving loan commitment to $250 million from $350 million. The move will reduce annual fees on the commitment by about $500,000, Ferro says. “Between cash on hand and expected cash from operations, we believe Ferro has sufficient cash resources to fully fund the initiatives now underway to reduce operating costs by over $50 million by the end of 2014,” says Peter Thomas, interim president and CEO of Ferro. “By amending Ferro’s...
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