OMG gapping pre-market:
CLEVELAND, Dec. 9 /PRNewswire-FirstCall/ -- OM Group, Inc. (NYSE: OMG) today announced that it has been advised that a sufficient number of its lenders have approved the proposal to amend the terms and conditions of its existing $325 million Revolving Credit Facility and $600 million Term Loan Agreement. The amendments modify certain financial covenants and convert $100 million of the $325 million Revolving Credit Facility to a term loan maturing in 2006. The Company anticipates that the amendments will be executed and made effective by the close of business today.
The amendments give the Company time to implement its previously announced restructuring program that includes, among other actions, selling non-core assets, closing unprofitable operations and aggressively reducing costs. "We are pleased with the support that we have received from our bank group and term lenders," said Thomas R. Miklich, chief financial officer. "The amended credit facility will allow us to implement our restructuring initiatives, while allowing us to serve the needs of our customers in the high standard they have come to expect from us."
RELEASE DATE AND CONFERENCE CALL INFORMATION
The Company also announced today that it will release details of its previously announced restructuring program before the market opens on Thursday, December 12, 2002. The press release will be issued via newswire and will also be available at the Company's web site, www.omgi.com . (Note: the Company announced on October 29, 2002 that it would undergo a corporate restructuring in order to improve its cash flow and strengthen its balance sheet.) |
