An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Orion Engineered Carbons Expands Its Revolving Credit Facility
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
Rhea-AI Summary
Orion Engineered Carbons (NYSE: OEC) has expanded its revolving credit facility by 100 million EUR, bringing the total to 350 million EUR. This decision comes amid global energy market volatility, with the CFO stating it ensures working capital needs for oil prices up to $200 per barrel. The facility's expansion was completed under similar terms as before and attracted two new global lenders, indicating strong confidence in Orion's future prospects.
Positive
Expansion of revolving credit facility by 100 million EUR to total 350 million EUR.
Facility oversubscribed, reflecting lender confidence in Orion's prospects.
Negative
None.
HOUSTON--(BUSINESS WIRE)--
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.
Forward-Looking Statements
This document contains certain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements of future expectations that are based on 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. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement. New risk factors and uncertainties emerge from time to time, and it is not possible to predict all risk factors and uncertainties, nor can we assess the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. 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.
William Foreman Orion Engineered Carbons Director of Corporate Communications and Government Affairs
william.foreman@orioncarbons.com
Direct: +1 832-445-3305
Mobile: +1 281-889-7833
Source: Orion Engineered Carbons S.A.
FAQ
What is Orion Engineered Carbons' recent credit facility announcement?
Orion Engineered Carbons announced an expansion of its revolving credit facility by 100 million EUR, bringing it to a total of 350 million EUR.
Why did Orion increase its credit facility?
The company increased its credit facility to prepare for volatility in global energy markets, ensuring coverage for working capital needs up to $200 per barrel of oil.
Who are the new lenders for Orion's credit facility?
Two new global lenders were added to Orion’s lending group during the credit facility expansion.
How does the oversubscription of the credit facility affect Orion Engineered Carbons?
The oversubscription reflects strong lender confidence in Orion's financial stability and future prospects.
