Oglebay Norton Reaches Agreements With Senior Secured Lenders
September 17, 2003
Oglebay Norton Co. has entered into agreements with its bank group and senior secured note holders to amend its credit agreements. The amendments provide the company with relief on restrictive covenants and restore the company's ability to draw on its credit facility to fund operations and make the interest payment due on its 10%, 2/1/09 Senior Subordinated Notes. The company intends to make the interest payment as soon as practicable, subject to notice and new record date requirements under the indenture governing the notes. "A lot of hard work from all sides went into achieving mutually acceptable amendments to these credit agreements. We appreciate the strong support we received from our bank group and senior secured note holders," said Oglebay Norton President and Chief Executive Officer Michael D. Lundin. He said the amendments represent a crucial first step toward a successful restructuring of the company.
The company's website is located at http://www.oglebaynorton.com .