Ferro grants security interests to loan lenders following rating downgrade

By Sara Rosenberg

New York, April 25 - Ferro Corp. has granted security interests to lenders under its $300 million credit facility, as required by the recent downgrade of the company's senior credit rating, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The loan is now secured by the company's and its domestic material subsidiaries' tangible and intangible assets, 100% of the stock of the domestic material subsidiaries and 65% of the stock of the foreign material subsidiaries.

The security interests were granted on April 19.

In connection with granting security, the company amended its credit facility, extending the deadline to June 29 for the completion of all required mortgage filings and certain foreign perfection requirements.

National City Bank is the administrative agent on the deal.

Ferro is a Cleveland-based producer of performance materials for industry.

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