Avon Lake, Ohio-based compounding leader PolyOne Corp. said it has raised its credit line by $50 million, to $450 million.
Under the new terms of its senior secured asset-based revolving credit facility, PolyOne also has reduced pricing and extended the maturity date from March 1, 2018, to Feb. 24, 2022.
Borrowings under the facility "remain available for working capital and general corporate purposes, as well as strategic investments including capital projects and M&A," PolyOne said in a news release.
Bradley C. Richardson, PolyOne's executive vice president and chief financial officer, said in a statement: "We continually seek opportunities to improve our financial position and strengthen our balance sheet to best support our growth initiatives."
He said the amended credit facility "further enhances our liquidity position and flexibility for future growth, while reducing our short-term borrowing costs."
PolyOne reported 2016 revenues of $3.3 billion.