CLEVELAND, Feb. 27, 2017 /PRNewswire/ -- PolyOne Corporation (NYSE: POL), a leading global provider of specialized polymer materials, services and solutions, today announced that the company has finalized an amendment to its Senior Secured Asset-Based Revolving Credit Facility ("Facility").
Under the new terms of the Facility, PolyOne has 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.
Bradley C. Richardson, executive vice president and chief financial officer, 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."
PolyOne Corporation, with 2016 revenues of $3.3 billion, is a premier provider of specialized polymer materials, services and solutions. The company is dedicated to serving customers in diverse industries around the globe, by creating value through collaboration, innovation and an unwavering commitment to excellence. Guided by its Core Values, Sustainability Promise and No Surprises PledgeSM, PolyOne is committed to its customers, employees, communities and shareholders through ethical, sustainable and fiscally responsible principles. For more information, visit www.polyone.com.
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SOURCE PolyOne Corporation