MetoKote Announces New Credit Agreement With Huntington, Others
MetoKote Corporation announced that on May 18, 2012, it entered into a new five-year credit agreement with Huntington National Bank, as administrative agent, FirstMerit Bank as syndication agent and First Commonwealth Bank, First National Bank of Pennsylvania, Sumitomo Mitsui Banking Corporation and TriState Capital Bank, as lenders.
The Huntington National Bank acted as the sole bookrunner and was joint lead arranger along with FirstMerit Bank.
The credit agreement provides for borrowings under a revolving credit facility and a term loan facility maturing in 2017. The proceeds received by the company from loans made under the credit agreement were used to repay the company’s previous credit facility and for general corporate purposes. Jeff Oravitz, president and CEO stated, “This new $80 million credit facility has much improved terms and conditions compared to the previous loan facility and will provide the company the flexibility and lender support to pursue its growth strategy.” Bruce Chalmers, vice president and CFO said, “We are pleased with the new agreement as it significantly reduces our costs and provides us key banking relationships as we move forward.”
MetoKote Corporation, headquartered in Lima, OH, provides environmentally sound and cost-effective coating solutions including equipment, coating application, and related management and support services to a wide variety of industries.