The annual interest expense savings of the amended Term Loan Facility is approximately $2.4 million at current LIBOR rates. The Company will record a charge of approximately $1.5 million in the 2013 second quarter related to this transaction.
In addition to the Term Loan Facility, OMNOVA's long term capital structure includes $250 million of Senior Notes with a coupon of 7.875% which matures in November 2018. The Company's liquidity position as of November 30, 2012 totaled $222.5 million which included $148.5 million of cash, cash equivalents and restricted cash, and $74.0 million of availability under an asset-based revolving credit facility.
OMNOVA Solutions Inc. is a technology-based company with sales for the fiscal year ending November 30, 2012 of $1.1 billion and a global workforce of approximately 2,400. OMNOVA is an innovator of emulsion polymers, specialty chemicals, and decorative and functional surfaces for a variety of commercial, industrial and residential end uses.
OMNOVA Solutions
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