CLAYTON, Mo., April 27, 2012 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced today that it has entered into a new $265 million five-year senior revolving credit facility that replaces its $240 million senior revolving credit facility. The new credit facility will expire on April 27, 2017 and is comprised of a $215 million US dollar denominated portion under which Olin may borrow and a $50 million US/Canadian dollar denominated portion under which Olin and one of its Canadian subsidiaries may borrow. The facility is unsecured and contains restrictions on Olin that are similar to the restrictions contained in the $240 million senior revolving credit facility. The facility also includes a $110 million letter of credit subfacility and the ability to increase the size of the facility to $365 million.
Wells Fargo Bank, National Association, will act as Administrative Agent for the facility; Bank of America, N.A. and Citibank, N.A., have acted as Syndication Agents; and Wells Fargo Securities, LLC, Citigroup Global Markets Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated have acted as Joint Lead Arrangers and Joint Bookrunners.
In addition, Olin entered into a Forward Purchase Agreement and the Second Amendment to the Amended and Restated Credit and Funding Agreement governing The Industrial Development Authority of Washington County Series 2010A bonds, The Industrial Development Authority of Washington County Series 2010B bonds, The Mississippi Business Finance Corporation Series 2010 bonds and The Industrial Development Board of the County of Bradley and the City of Cleveland, Tennessee Series 2010 bonds to reduce the interest rate on the bonds and secure a commitment from the current holders of the bonds to repurchase the bonds through October 31, 2016.
Olin's Board of Directors also authorized the repayment of $7.7 million of The Industrial Development Board of the County of Bradley (Tennessee) Variable Rate Demand Revenue Refunding Bonds (Olin Corporation Project) Series 1993C bonds.