-Ferro amends credit line.
BANKING AND CREDIT NEWS-March 29, 2013--Ferro amends credit line(C)2013 M2 COMMUNICATIONS http://www.m2.com
29 March 2013 -- Cleveland, USA-based Ferro Corp (NYSE: FOE) said it has amended its existing senior credit facility.
The company said that the amendment reflects a further benefit achieved through its strategy to divest its solar pastes assets.
Ferro said that the sale of its solar pastes assets increased operating cash flows and significantly reduced the size of the company's precious metal consignment program and other working capital needs.
As a result, Ferro is reducing the company's revolving loan commitment from USD 350m to USD 250m.
The amendment will lower annual commitment fees by approximately USD 500,000 and modify certain financial and leverage ratio covenants, according to Ferro. Additional details can be found in the form 8-K that the company will file with the Securities and Exchange Commission.
The amendment was unanimously approved by the company's bank group.
Ferro is a supplier of technology-based performance materials for manufacturers. Ferro materials enhance the performance of products in a variety of end markets, including building and construction, automotive, appliances, electronics, household furnishings, pharmaceuticals, and industrial products.
The company has approximately 4,860 employees globally and reported 2012 sales of USD 1.8bn.
Find out more at www.ferro.com.
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