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KMG Chemicals Inc Announces Acquisition Of OM Group Inc’s Ultra Pure Chemicals Business; Amends Credit Facility


Monday, 29 Apr 2013 09:00am EDT 

KMG Chemicals Inc announced that it has entered into a definitive agreement to acquire the Ultra Pure Chemicals subsidiaries of OM Group located in the United States, England and Singapore, and has simultaneously offered to purchase OM Group`s Ultra Pure Chemicals subsidiary located in France. The combined acquisition would be for $60 million in cash, including working capital. The closing of the transaction is anticipated before the end of June 2013 upon the satisfaction of certain closing conditions. In association with this transaction, KMG has entered into an amendment to its credit facility with Wells Fargo Bank and Bank of America. The amendment increases the Company`s borrowing capacity from $60 million to $110 million. The amendment also includes an accordion feature that enables the expansion of the facility to $135 million to fund subsequent transactions with approval from the bank group. The amendment included adjustments to certain provisions, including the calculation of the fixed charge coverage ratio. The pricing matrix for the amended facility is slightly lower than the existing matrix. 

Company Quote

19.27
0.29 +1.53%
21 Nov 2014