Myers Industries Reports New Financial Obligation & Agreement Changes

TL;DR

**MYE just changed key agreements and took on new debt; watch for impact on financials.**

AI Summary

Myers Industries, Inc. filed an 8-K on February 8, 2024, to report the entry into and termination of a material definitive agreement, as well as the creation of a direct financial obligation. This filing indicates significant changes in the company's financial commitments and contractual relationships. For investors, this matters because changes in material agreements and financial obligations can impact the company's future profitability, cash flow, and overall financial health, potentially affecting stock valuation.

Why It Matters

This filing signals a shift in Myers Industries' financial structure and contractual obligations, which could affect its operational flexibility and future earnings.

Risk Assessment

Risk Level: medium — The filing indicates both the entry into and termination of material agreements, alongside new financial obligations, which introduces uncertainty regarding the net impact on the company's financial position.

Analyst Insight

Investors should closely monitor Myers Industries' upcoming financial reports and press releases for details on the specific nature and financial impact of these new agreements and obligations, as this filing lacks specific dollar amounts or counterparty names.

Key Players & Entities

• Myers Industries, Inc. (company) — the registrant filing the 8-K
• February 08, 2024 (date) — date of earliest event reported
• 001-8524 (other) — Commission File Number for Myers Industries, Inc.
• 34-0778636 (other) — IRS Employer Identification No. for Myers Industries, Inc.
• New York Stock Exchange (other) — exchange where MYE Common Stock is registered

FAQ

Key Financial Figures

• $400 million — ") in the aggregate principal amount of $400 million (the "Term Loans") as an Incremental Te
• $250 million — ity in the Amended Loan Agreement to be $250 million after giving effect to the Term Loan Fa
• $250 m — aggregate committed principal amount of $250 million, which includes a letter of credi
• $12 million — n February 6, 2024, the Company prepaid $12 million in principal plus accrued and unpaid in

Filing Documents

• mye-20240208.htm (8-K) — 50KB
• mye-ex10_1.htm (EX-10.1) — 2643KB
• 0000950170-24-013059.txt ( ) — 3118KB
• mye-20240208.xsd (EX-101.SCH) — 23KB
• mye-20240208_htm.xml (XML) — 4KB

01 Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement. First Amendment to Existing Loan Agreement On February 8, 2024, Myers Industries, Inc. (the "Company"), MYE Canada Operations Inc. and Scepter Canada Inc., each as foreign subsidiary borrowers (together with the Company, collectively, the "Borrowers") amended that certain Seventh Amended and Restated Loan Agreement, dated as of September 29, 2022, among the Borrowers, the other foreign subsidiary borrowers party thereto from time to time, JPMorgan Chase Bank, National Association, as administrative agent (the "Administrative Agent"), and the certain financial institutions party thereto as lenders (the "Existing Loan Agreement") pursuant to the Amendment No. 1 to Seventh Amended and Restated Loan Agreement, dated as of February 8, 2024, among the Borrowers, the Administrative Agent, and the existing and new financial institutions party thereto as lenders (the "Amendment", and the Existing Loan Agreement, as amended pursuant to the Amendment being referred to herein as the "Amended Loan Agreement"). The Amended Loan Agreement is on substantially the same terms as the Existing Loan Agreement, except the Amendment has amended the Existing Loan Agreement to, among other items, (i) amend the Existing Loan Agreement to permit the Strong Acquisition (as defined in the Amended Loan Agreement), (ii) amend Section 2.20 thereof to (x) permit a new term loan facility (the "Term Loan Facility") in the aggregate principal amount of $400 million (the "Term Loans") as an Incremental Term Loan (as defined in the Existing Loan Agreement) and (y) reset the total incremental facility in the Amended Loan Agreement to be $250 million after giving effect to the Term Loan Facility, (iii) modify the maximum leverage ratio under the Existing Loan Agreement to not exceed (x) 4.00 to 1:00 on a "net" basis for an initial "net" leverage ratio holiday period for the immediate fiscal quarter end after the Strong Acquisition is consummated

02 Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement. On February 6, 2024, the Company prepaid $12 million in principal plus accrued and unpaid interest and other fees owing upon such prepayment (the "Prepayment") to the current noteholders of the 5.45% Senior Notes, Series D, due January 15, 2026 (the "Senior Series D Notes"), constituting repayment in full of the Senior Series D Notes that were issued pursuant to and under that certain Note Purchase Agreement, dated as of October 22, 2013, by and among the Company, certain subsidiaries of the Company party thereto from time to time as subsidiary guarantors (the "Subsidiary Guarantors") and certain institutional investors party thereto from time to time (as amended, the "Note Purchase Agreement"). After giving effect to the Prepayment and the payment in full of the Senior Series D Notes, all outstanding senior notes and other obligations of the Company and the Subsidiary Guarantors under the Note Purchase Agreement have been paid and satisfied in full, and the Note Purchase Agreement has been terminated and is in no further force or effect other than with respect to those provisions therein that by their terms specifically survive termination and payment in full of the senior notes thereunder. Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure in Item 1.01 and Exhibit 10.1 of this report are incorporated herein by reference.

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits . Exhibit Number Description 10.1 Amendment No. 1 to Seventh Amended and Restated Loan Agreement, dated February 8, 2024, among Myers Industries, Inc., MYE Canada Operations Inc., Scepter Canada Inc. and the other foreign subsidiary borrowers, the lenders and JPMorgan Chase Bank, National Association, as administrative agent* 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) *Pursuant to Item 601(b)(2) of Regulation S-K, certain exhibits and schedules have been omitted from this filing. The registrant agrees to furnish the Commission on a supplemental basis a copy of any omitted provisions, exhibit or schedule.

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Myers Industries, Inc. Date: February 9, 2024 By: /s/ Grant E. Fitz Grant E. Fitz Executive Vice President and Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR