MYERS INDUSTRIES INC: Entering into a Material Definitive Agreement, Creating a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant, Financial Statements and Exhibits (Form 8-K)

Section 1.01 Entering into a Material Definitive Agreement.

loan agreement on September 29, 2022 (the “Restatement Effective Date”), Myers Industries, Inc.
(the company”), MYE Canada Operations Inc. and Scepter Canada Inc. as subsidiary foreign borrowers (collectively, the “Borrowers”), the lenders thereto (the “Lenders”) and JPMorgan Chase Bank, North America., as administrative agent (the “Administrative Agent”) entered into a seventh amended and restated loan agreement (the “restated loan agreement”). Amended and Restated Loan Agreement Amended and Restated Sixth Amended and Restated Loan Agreement, dated March 12, 2021between the Borrowers, the lenders parties thereto and the Administrative Agent (the “Existing Loan Agreement”).

The updated loan agreement provides for a revolving credit facility in an aggregate principal amount of $250 million, which includes a letter of credit sub-facility and a revolving credit sub-facility (the “Revolving Facility”). Proceeds from the revolving credit facility were used to repay in full all existing revolving loans under the existing loan agreement and to pay related transaction fees and expenses. The outstanding letters of credit issued under the existing loan agreement were deemed issued under the revolving credit facility on the effective date of the restatement. The revolving facility will be available for the ongoing working capital needs of the Company and its subsidiaries and for general corporate purposes. The updated loan agreement, among other things, increases the amount of dividends the company is entitled to pay in certain circumstances.

The interest rate applicable to borrowings under the revolving facility includes interest rate spreads between (i) 1.025% and 1.600% for SOFR, RFR, EURIBOR and CDOR term loans and (ii) 0.025% and 0.60% for borrowings at an alternative base rate. loans.

The foregoing description of the Restated Loan Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Restated Loan Agreement attached to this Form 8-K as Schedule. 10.1 and incorporated herein by reference.

Note Purchase contract Also on September 29, 2022the Company has entered into a fourth amendment (the “Ticket Purchase Amendment”) to the Note Purchase Agreement dated October 22, 2013, between the Company, the subsidiary guarantors identified therein and each of the signatory establishments. The Note Purchase Amendment modifies the payment covenant to match the changes in the updated loan agreement.

The above description of the Ticket Purchase Amendment does not purport to be complete and is qualified in its entirety by reference to the full text of the Ticket Purchase Amendment attached to this Form 8-K as appendix 10.2 and incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or Obligation Under an Off-Balance Sheet Arrangement of a Registrant.

The information provided in Section 1.01 and Exhibits 10.1 and 10.2 of this report are incorporated herein by reference.

Item 9.01 Financial statements and supporting documents.

(d) Exhibits.

Exhibit  Description
Number

10.1       Seventh Amended and Restated Loan Agreement, dated September 29,
         2022, among Myers Industries, Inc., MYE Canada Operations Inc., Scepter
         Canada Inc. and the other foreign subsidiary borrowers, the lenders and
         JPMorgan Chase Bank, National Association, as administrative agent*

10.2       Fourth Amendment to Note Purchase Agreement, dated September 29,
         2022, among Myers Industries, Inc., the subsidiary guarantors
         identified therein and each of the institutions which is a signatory
         thereto

104      Cover Page Interactive Data File (embedded within the Inline XBRL
         document)



* Pursuant to Rule SK 601(b)(10), certain exhibits and attachments have been omitted from this filing. The declarant undertakes to provide the Commission, in addition, with a copy of any provision, document or appendix omitted.

————————————————– ——————————

© Edgar Online, source Previews

Comments are closed.