Ferro Corporation announced it has made significant progress on its previously disclosed refinancing. The company has entered into new senior secured credit facilities ("Credit Facilities") in an aggregate amount of $500 million, consisting of a senior secured term loan facility (the "Term Loan Facility") in an aggregate principal amount of $300 million and a senior secured revolving credit facility (the "Revolving Credit Facility") in an aggregate principal amount of $200 million (collectively, the "Debt Financing"). The Debt Financing, among other things, was used to refinance Ferro's existing senior secured credit facility and will be used for payments in connection with a recently announced Tender Offer and Consent Solicitation related to the company's 7.785% Senior Notes due 2018.

The Term Loan Facility has a seven-year term and the Revolving Credit Facility has a five-year term. The loans under the Term Loan Facility bear interest equal to LIBOR plus 3.25% (subject to a 0.75% LIBOR floor) and the loans under the Revolving Credit Facility initially bear interest at LIBOR plus 2.75%.

Ferro Corporation is a leading global supplier of technology-based performance materials, including glass-based coatings, pigments and colors, and polishing materials. Ferro products are sold into the building and construction, automotive, appliances, electronics, household furnishings, and industrial products markets. Headquartered in Mayfield Heights, Ohio, Ferro has approximately 4,020 employees globally and reported 2013 sales of $1.6 billion.