Oglebay Norton gets final approval for $70 million debtor-in-possession financing

By Jeff Pines

Washington, April 8 - Oglebay Norton Co. obtained final approval for its $70 million debtor-in-possession financing, according to an April 8 order filed with the U.S. Bankruptcy Court for the District of Delaware.

Silver Point Finance LLC and General Electric Capital Corp. are the co-lead arrangers with General Electric also acting as the administrative agent and Silver Point also acting as the collateral agent and syndication agent.

The interest rate is Libor plus 400 basis points.

Originally, the company was seeking a $75 million facility.

Cleveland-based Oglebay Norton mines, processes and transports industrial minerals. It filed for Chapter 11 in February.

Oglebay Norton's Chapter 11 case number is 04-10558.

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