Myers Industries amended its credit agreement with JPMorgan as administrative agent, reducing its borrowing capacity from $300 million to $200 million.
Myers Industries said it agreed to acquire Scepter Corporation and Scepter Manufacturing for $160 million. The company said it will finance the acquisition by increasing its revolver with a JPMorgan Chase-led lender group.
Myers Industries announced that the company entered into a five-year, $200 million senior secured revolving credit facility with seven lending banks. JPMorgan Chase Bank served as administrative agent.