By Mike Boyer
The Cincinnati Enquirer

The two European investment firms that provided the $100 million which allowed Milacron Inc. to refinance senior notes that expired Monday will initially be entitled to two seats on its board of directors, the company said in government filings Tuesday.

Milacron said it would increase its nine-member board to 11, giving Swiss-based Glencore Finance AG and Mizuho International plc in London each a seat on the board. The finance agreements indicate the investors, who could eventually control up to 60 percent of Milacron shares, could increase their board representation in the future.

Milacron's shares closed down 9 percent Tuesday at $3.17 after Standard & Poor's said it was maintaining the company's debt rating.

S&P said it may raise its opinion of Milacron's debt if shareholders approve additional shares to complete the refinancing by July 29, as required by the agreement, or lower its rating if shareholder approval isn't received.

E-mail mboyer@enquirer.com