Ferro amends credit agreement

Industrial materials maker Ferro Corp. on Wednesday said it has amended its credit agreement in order to provide more financial flexibility.

The size of the credit facility remains at $300 million for the revolving credit facility and $292.5 million in term loans. The company amended interest rates on the company's borrowings and other terms of the facility, but did not provide any other details of the amendment.

"As we move through 2009, Ferro will continue to be focused on conserving our cash, delivering the balance sheet, and scaling our cost and expense structure to current market conditions," said James Kirsch, Ferro's chief executive.

Ferro makes materials for electronics, telecommunications, pharmaceutical, building and other industries.

Shares of Ferro doubled to $2.03 in Wednesday afternoon trading.