AKRON, Ohio -- Myers Industries recently announced that it closed on a new five-year, $180 million senior secured revolving credit facility with seven lending banks. The facility was jointly arranged by J. P. Morgan Securities LLC and Key Banc Capital Markets Inc., with JPMorgan Chase Bank, National Association, as administrative agent.

Senior Vice President and CFO Donald Merril said, “The new credit facility recognizes the confidence our existing partner-banks have in Myers Industries’ financial strength, operating strategy and future growth potential. This transaction provides the company long-term financing at an attractive interest spread and strengthens our flexibility to invest in operations to meet the growing requirements of our customers.”

Borrowings under the new credit facility will be used to pay off a portion of the company’s $100 million senior unsecured notes – $65 million of which mature in December – as well as for general corporate purposes and to fund investments in strategic growth initiatives.