Myers Industries (MYE) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Myers Industries, Inc. and its foreign subsidiaries have amended their existing loan agreement, which includes adding a new $400 million term loan facility and revising the total incremental facility to $250 million. The agreement adjusts the maximum leverage ratio, increases the margin for loans, and replaces the Canadian reference rate with CORRA. Additionally, an “all asset” lien has been established as new collateral, and the proceeds will finance the Strong Acquisition, refinance debt, and support general corporate purposes. The term loans offer flexible prepayment options and will mature in five years, while the revolving credit facility extends until September 2027.
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For a comprehensive understanding of the announcement, you can read the full document here.
