Daily News: February 28, 2017

Wells Fargo Capital Finance Agents $50MM PolyOne Upsize

PolyOne, a global provider of specialized polymer materials, services and solutions, finalized an amendment to its senior secured asset-based revolving credit facility.

Under the new terms of the facility, PolyOne upsized its credit line by $50 million to $450 million, reduced pricing and extended the maturity date from March 1, 2018 to February 24, 2022. Borrowings under the facility remain available for working capital and general corporate purposes, as well as strategic investments including capital projects and M&A.

According to a related 8-K filing, Wells Fargo Capital Finance served as administrative agent.

Bradley C. Richardson, executive vice president and chief financial officer of PolyOne, commented, “We continually seek opportunities to improve our financial position and strengthen our balance sheet to best support our growth initiatives. The amended facility further enhances our liquidity position and flexibility for future growth, while reducing our short-term borrowing costs.”