LUXEMBOURG--(BUSINESS WIRE)--Orion Engineered Carbons S.A. (NYSE: OEC), a worldwide supplier of
specialty and high-performance Carbon Black, today announced that it has
received the consent of lenders to reprice its EUR- and USD- denominated
outstanding term loans (comprising €619.6 million as of June 30th, 2016
adjusted for a €20 million voluntary repayment in July 2016). The
repricing will reflect a 100 basis point reduction to interest, from the
current annual interest rate of 4.75% (3.75% margin plus a fixed floor
of 1.00%) to an annual interest rate of 3.75% (3.00% margin plus a fixed
floor of 0.75%), and is expected to reduce Orion’s yearly cost of debt
by approximately €6.2 million. The amendment to Orion’s Credit
Agreement, dated as of July 25, 2014, reflecting these changes is
expected to be finalized on or about September 30, 2016. Other
provisions of this Credit Agreement will remain unchanged.
About Orion Engineered Carbons S.A.
Orion Engineered Carbons is a worldwide supplier of Carbon Black. The
company offers standard and high-performance products for Coatings,
Printing Inks, Polymers, Rubber and other applications. Our high-quality
Gas Blacks, Furnace Blacks and Specialty Carbon Blacks tint, colorize
and enhance the performance of plastics, paints and coatings, inks and
toners, adhesives and sealants, tires, and manufactured rubber goods
such as automotive belts and hoses. With 1,530 employees worldwide,
Orion Engineered Carbons runs 15 global production sites and four
Applied Technology Centers. For more information visit our website www.orioncarbons.com.
Forward Looking Statements
This release contains certain forward-looking statements within the
meaning of Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements are statements of future
expectations that are based on management’s current expectations and
assumptions and involve known and unknown risks and uncertainties that
could cause actual results, performance or events to differ materially
from those expressed or implied in these statements. Factors that could
cause our actual results to differ materially from those expressed or
implied in such forward-looking statements include those factors
detailed under the captions “Note Regarding Forward-Looking Statements”
and “Risk Factors” in our Annual Report on Form 20-F for the year ended
December 31, 2015 and in Note 9 to our unaudited interim condensed
consolidated financial statements as at June 30, 2016 regarding
contingent liabilities, including litigation. We undertake no obligation
to publicly update or revise any forward-looking statement as a result
of new information, future events or other information, other than as
required by applicable law.
