Myers Industries amends, restates $250 million revolver

By William Gullotti

Buffalo, N.Y., Oct. 4 – Myers Industries Inc. entered into a seventh amended and restated loan agreement on Sept. 29 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The $250 million amended revolver retains the previous facility’s March 12, 2024 maturity date and still includes a letter of credit subfacility and swingline facility.

The amended facility replaced Libor as the interest basis. Facility borrowings will bear interest at SOFR, Euribor, CDOR or Sonia plus a margin ranging from 102.5 basis points to 160 bps. There is also a facility fee that ranges from 22.5 bps to 40 bps. The margins and fees are determined by the company’s leverage ratio.

Among other things, the amendments also increased the amount of dividends the company is entitled to make, under certain circumstances.

Proceeds were used to repay in full all existing revolving loans under the previous agreement and to pay related transaction fees and expenses. The outstanding letters of credit issued under the previous agreement were deemed issued under the amended facility on the restatement effective date. Further facility borrowings may be used for working capital requirements and for general corporate purposes.

U.S. Bank NA is the syndication agent. KeyBank NA, PNC Bank, NA, Wells Fargo Bank, NA and Fifth Third Bank, NA are documentation agents.

JPMorgan and U.S. Bank are also the joint bookrunners and joint lead arrangers.

Borrowers listed in the loan are Myers Industries, Inc., MYE Canada Operations Inc., Scepter Canada Inc. and other foreign subsidiary borrowers.

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

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