AKRON (Oct. 24, 2013) — Myers Industries Inc. has entered into a note purchase agreement for the private placement of notes totaling $100 million with a group of institutional investors.
The proceeds will be used to grow key businesses, Akron-based Myers said, and to repay existing debt.
The senior unsecured notes will be funded in December 2013 and January 2014 in the following four series:
• $40 million 4.67 percent senior notes, Series A, due Jan. 15, 2021;
• $11 million 5.25 percent senior notes, Series B, due Jan. 15, 2024;
• $29 million 5.30 percent senior notes, Series C, due Jan. 15, 2024; and
• $20 million 5.45 percent senior notes, Series D, due Jan. 15, 2026.
President and CEO John C. Orr said the private placement of debt "provides Myers with the flexibility to execute our growth strategy focused on five key areas where we have a competitive advantage—returnable packaging, storage and safety products, tire repair and retread products, specialty molding and distribution, and to do this at historically attractive long-term interest rates."
The company previously issued $100 million in senior unsecured notes in December 2003 in two series consisting of $65 million at 6.08 percent that was due and paid in December 2010; and $35 million at 6.81 percent that is due and will be paid in December 2013.
Myers, an international manufacturer of polymer products for industrial, agricultural, automotive, commercial, and consumer markets, also operates Akron-based Myers Tire Supply, a wholesale distributor of tools, equipment and supplies for the tire, wheel and undervehicle service industry in the U.S.