AKRON (March 1)—Myers Industries Inc. has closed on a five-year $225 million senior unsecured revolving credit facility from 10 banks, in part to fund the purchase of ATP Automotive Inc. from Applied Tech Products.
The loan also will be used to refinance the firm's multicurrency loan agreement and for general corporate purposes, the company said.
The international manufacturer of polymer products said in mid-February it will purchase ATP Automotive, made up of Michigan Rubber Products Inc. and WEK Industries Inc., for about $60 million to expand its automotive rubber products and niche product presence.
Myers will buy the stock and assume the debt of the two companies.