Ascent Industries Amends Credit Facility With BMO, Adds Ascent Chemicals as Loan Party
Ascent Industries Co. has entered into a Limited Waiver, Consent, and Sixth Amendment to its existing credit agreement with BMO Bank N.A. and other lenders. The amendment allows for the assignment of the lease for Ascent's former tubular facility in Munhall, Pennsylvania, and approves certain organizational changes, including the creation of a new holding company, Ascent Chemicals, LLC, to own all of Ascent's chemical manufacturing businesses. The amendment also adds Ascent Chemicals as a loan party to the credit facility. Additionally, the lenders have granted a limited waiver for a previous event of default related to Ascent's repurchase of shares that exceeded set limits, and they have agreed not to accelerate any obligations as a result of this waiver.
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