Orion Engineered Carbons Expands Its Revolving Credit Facility
Orion Engineered Carbons (NYSE: OEC), a specialty chemical company, today announced that it has added 100 million EUR to its senior secured revolving credit facility, which expands the company's facility to 350 million EUR.
"In light of current volatility within the global energy markets, we feel it is prudent to increase our revolving credit facility. We believe this will cover our working capital needs up to an oil price of about $200 per barrel. We want to be proactively prepared for this higher level of volatility," said Jeff Glajch, Orion's chief financial officer.
This expansion was completed at similar terms as Orion's previous facility. Two new global lenders were added to the lending group. The credit facility was oversubscribed, reflecting confidence in Orion's prospects during these unsettled times.
About Orion Engineered Carbons
Orion Engineered Carbons (NYSE: OEC) is a leading global supplier of carbon black, a solid form of carbon produced as powder or pellets. The material is made to customers' exacting specifications for tires, coatings, ink, batteries, plastics and numerous other specialty, high-performance applications. Carbon black is used to tint, colorize, provide reinforcement, conduct electricity, increase durability, and add UV protection. Orion has innovation centers on three continents and 14 plants worldwide, offering the most diverse variety of production processes in the industry. The company's corporate lineage goes back more than 160 years to Germany, where it operates the world's longest-running carbon black plant. Orion is a leading innovator, applying a deep understanding of customers' needs to deliver sustainable solutions. For more information, please visit orioncarbons.com.
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