PolyOne to get $300 million of new debt for ColorMatrix purchase

By Sara Rosenberg

New York, Oct. 3 - PolyOne Corp. plans on getting about $300 million of long-term debt to help fund its acquisition of ColorMatrix Group Inc., according to a news release.

Other funds for the $486 million acquisition will come from cash on hand.

The purchase is being made on a cash free, debt free basis, and the price is subject to a customary working capital adjustment and other closing conditions.

Closing is expected late this year, subject to regulatory approvals.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials and services. ColorMatrix is a Berea, Ohio-based specialty provider of liquid colorants, additives and fluoropolymers.

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