OM Group, Inc. today announced it has entered into a new $250 million secured revolving credit facility with a syndicate of lenders, led by PNC Bank, N.A. The new facility replaces the previous $100 million facility which was due to expire in December of 2010.

The new, three-year revolving credit facility includes an "accordion" feature under which OMG may increase the availability by $75 million to a maximum of $325 million, subject to certain conditions and discretionary approval of those lenders whose commitments would be increased. OMG has the option to specify that interest be calculated based either on LIBOR plus 2.25% to 3.0%, or a base rate plus 1.25% to 2.0%. Under the new credit facility, OMG borrowed $150 million, which repaid loans previously incurred to fund the EaglePicher Technologies, LLC acquisition completed on January 29, 2010.

"We are pleased to have this new credit facility in place, which will provide additional liquidity and flexibility to meet our strategic growth objectives," said Joseph M. Scaminace, chairman and chief executive officer. "The ability to secure this funding from our lending partners represents their confidence in our growth prospects and management's transformation strategy."