KMG Chemicals Announces $60.0 Million Credit Facility
KMG Chemicals, Inc. (NASDAQ: KMGB) today announced that it has amended, increased, and extended its existing revolving credit facility with Wells Fargo & Co. and Bank of America, N.A.
Among other things, maximum borrowings permitted under the amended five-year facility increased to $60.0 million from $50.0 million and the maturity date was extended to December 31, 2016 from December 31, 2012. The variable interest rate calculation under the new facility remains unchanged; currently, the interest rate is 2.00% over LIBOR. At October 31, 2011, there was $24 million borrowed on the revolving facility and there were no amounts outstanding on the term loan. Including the $20 million fixed-rate notes maturing in December 2014, KMG had total debt of $44 million on October 31, 2011.
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