PolyOne Corporation (NYSE:POL) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On February 24, 2017, PolyOne Corporation (the “Company”), and certain of the Company’s subsidiaries entered into a Second Amended and Restated Credit Agreement (the “ABL Credit Agreement”) with Wells Fargo Capital Finance, LLC, as administrative agent, and the various lenders and other agents party thereto. The ABL Credit Agreement amends and restates the Amended and Restated Credit Agreement, dated March 1, 2013 (the “Existing ABL Credit Agreement”), by and among the Company and certain subsidiaries of the Company party thereto, Wells Fargo Capital Finance, LLC, as administrative agent, and the various lenders and other agents party thereto.
The ABL Credit Agreement, among other things, provides for an increased revolving credit line of up to $450 million, subject to the borrowing base limitations, and an extended maturity date of the borrowings under the Existing ABL Credit Agreement to February 24, 2022. The ABL Credit Agreement contains customary representations and warranties, restrictive covenants, and events of default.
The lenders and the agents (and each of their respective subsidiaries or affiliates) of the ABL Credit Agreement have in the past provided, and may in the future provide, investment banking, cash management, underwriting, lending, commercial banking, trust, leasing services, foreign exchange and other advisory services to, or engage in transactions with, the Company and its respective subsidiaries or affiliates. These parties have received, and may in the future receive, customary compensation from the Company and its respective subsidiaries or affiliates for such services.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth under Item 1.01 above is hereby incorporated into this Item 2.03 by reference.
About PolyOne Corporation (NYSE:POL)
PolyOne Corporation is a provider of polymer materials, services and solutions. The Company offers specialty polymer formulations, color and additive systems, plastic sheet and packaging solutions, and polymer distribution. It operates in five segments: Color, Additives and Inks, which provide color and additive concentrates in solid and liquid form for thermoplastics, dispersions for thermosets; Specialty Engineered Materials, which provide specialty polymer formulations, services and solutions for designers, assemblers and processors of thermoplastic materials across a range of markets and end use applications; Designed Structures and Solutions, which provide solutions for engineered polymer structures, rigid barrier packaging and specialty cast acrylics; Performance Products and Solutions, which consist of the Geon Performance Materials and Producer Services business units, and PolyOne Distribution, which distributes over 3,500 grades of engineering and commodity grade resins. PolyOne Corporation (NYSE:POL) Recent Trading Information
PolyOne Corporation (NYSE:POL) closed its last trading session down -0.05 at 34.14 with 262,434 shares trading hands.