Myers Industries gets $180 million amended and restated revolver

By Sara Rosenberg

New York, Nov. 23 - Myers Industries Inc. closed on a $180 million five-year amended and restated senior revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

JPMorgan and KeyBank acted as the lead arrangers and bookrunners on the deal that was completed on Nov. 19, with JPMorgan the agent.

Initial pricing on the revolver is Libor plus 130 basis points with a 45 bps commitment fee. Pricing can range from Libor plus 70 bps to 175 bps and the commitment fee can range from 30 bps to 50 bps, based on leverage.

There is a $70 million accordion feature.

Proceeds were used to replace an existing $250 million facility.

Myers is an Akron, Ohio-based manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.

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