Myers Industries Acquires Scepter With JPMorgan Support
Myers Industries announced it has entered into a definitive agreement to acquire Scepter Corporation and Scepter Manufacturing. The purchase includes manufacturing facilities, warehouses and offices in Scarborough, Ontario and Miami, OK. The purchase price is $165 million, subject to certain closing adjustments.
Concurrent with the signing of the agreement to purchase Scepter, Myers said it amended its senior secured revolving credit facility from $200 million to $300 million to help fund the acquisition.
According to an 8-K filing dated December 16, 2013, Myers entered into a five-year, $200 million senior secured revolver with a lending group led by JPMorgan Chase as administrative agent.
The term of the senior credit facility remains unchanged and is scheduled to expire in December 2018. The proceeds from the future sale of the Lawn & Garden Segment will be used to pay down debt.
Akron, OH-based Myers Industries is a manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets.