Omnova amends credit facility

Omnova is amending its $200-million term loan credit facility to extend the maturity by 1 year, to May 2018, and reduce borrowing spreads by 1.25%. The facility has a floating interest rate of 4.25%, which was effective 7 March. Omnova expects to save $2.4 million/year in annual interest expenses as a result of the changes.   The credit facility has $195.5 million outstanding. Omnova also has $250 million in senior bonds due November 2018 with an interest rate of 7.875%, as well as $148.5 million in cash and cash equivalents. The company will record a...

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