AKRON—Myers Industries Inc. has entered into a five-year, $200 million senior secured revolving credit facility with seven lending banks.
The move replaces the Akron-based company's previous senior credit facility that was scheduled to expire in November 2015.
The senior credit facility was jointly arranged by J.P. Morgan Securities L.L.C. and U.S. Bank National Association. JPMorgan Chase Bank, National Association, served as administrative agent, Myers said.
“This credit facility provides the company long-term financing at attractive pricing and flexibility through 2018. Together with our recent $100 million private placement of notes, the company has capacity to fund its strategic initiatives,” said Greggory Branning, senior vice president and CFO.
Myers Industries is the parent firm of Myers Tire Supply and a distributor of tools, equipment, and supplies for the tire, wheel, and under-vehicle service industry.