Ferro in talks with existing lenders on new $350 million revolver

By Sara Rosenberg

New York, July 27 - Ferro Corp. plans on getting a new $350 million revolving credit facility, according to an SC TO-I filed with the Securities and Exchange Commission on Tuesday.

The company is in negotiations with its existing lenders to enter into the new revolver.

Proceeds will be used to help fund the refinancing of an existing credit facility.

Other funds for the refinancing will come from $250 million of senior notes that will also be used to repay the company's $172.5 million of 6.5% convertible senior notes due 2013.

The tender offer for the convertibles, which commenced on Tuesday and expires on Aug. 23, is subject to completion of the notes offering and entry into the new credit facility or an amendment to the existing facility to allow for the convertibles repurchase.

Ferro is a Cleveland-based supplier of technology-based performance materials for manufacturers.

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