PolyOne to repay 7 3/8% notes due 2020 using new term loan B

New York, Oct. 27 – PolyOne Corp. plans to refinance its $317 million of 7 3/8% senior notes due 2020 using proceeds from a new bank financing, according to a company news release.

The company has scheduled a bank meeting for Wednesday to launch the $550 million senior secured term loan B due 2022, a market source said.

Citigroup Global Markets Inc. is the lead bank on the deal.

Remaining funds raised from the loan will be used to refinance other outstanding debt.

The refinancing will allow the company to “lock in favorable terms, extend maturities, and enhance our liquidity,” said Bradley C. Richardson, executive vice president and chief financial officer, in a news release.

PolyOne is an Avon Lake, Ohio-based provider of specialized polymer materials, services and solutions.

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