Myers Industries amended its credit agreement with JPMorgan as administrative agent, reducing its borrowing capacity from $300 million to $200 million.

President and CEO Dave Banyard commented, “Fourth-quarter results were in line with our expectations as we faced the continued impact of a reduced capital spending environment that persisted across many industrial markets for most of 2016. Demand in agriculture markets has been notably weak with record sales declines in some channels over the previous two years. Some of our most strategic products sell into these customers. While we are disappointed with our sales performance during the year, we managed costs well and made tangible improvements in the management of working capital and capital spending, both of which will continue to be part of our strengths moving forward.”

According to a related 8-K filing, the amended facility extends the term by approximately three years and provides for a maximum commitment amount of up to $200 million, which includes a letter of credit subfacility and swingline subfacility. Amounts borrowed under the amended facility will be used to replace the amounts outstanding under the company’s existing loan agreement and for working capital and general corporate purposes.

The loan agreement also has an accordion feature which allows the company to increase the availability by up to $200 million upon the satisfaction of certain conditions. Borrowings will bear interest at the LIBOR rate, prime rate, federal funds effective rate, the Canadian deposit offered rate or the eurocurrency reference rate depending on the type of loan requested by the company in each case plus the applicable margin as set forth in the loan agreement.

Akron, OH-based Myers Industries is an international manufacturer of polymer products for industrial, agricultural, automotive, commercial and consumer markets.