RSS feed: news [?]

Home » News » Ferro Corporation Announces Closing of $250 Million Senior Notes Offering and New Credit Facility

Ferro Corporation (NYSE: FOE) (the "Company") announced today that it has closed an underwritten public offering of $250 million aggregate principal amount of 7.875% senior notes due 2018 at a price to the public of 100% of their face value, pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission. The Company also announced that it has entered into a new five-year secured credit facility to replace its existing credit facility. 

The Company used a portion of the net proceeds from the offering of the senior notes to repay all borrowings outstanding under its existing credit facility. The Company commenced an offer to purchase any and all of its 6.50% convertible senior notes due 2013 in a cash tender offer. If the tender offer is consummated, the remaining net proceeds from the offering of the senior notes, along with borrowings under the new credit facility, are expected to be used to repurchase all of the convertible notes that are tendered and not validly withdrawn pursuant to the tender offer. If the tender offer is not consummated, the remaining net proceeds from the offering of the senior notes will be used for general corporate purposes. 

All rights reserved. No information from the web site may be reproduced without the permission of the magazine's editorial board.

© Eurasian chemical market, 2005-2012