PaperWorks plans $90 million tap of 9½% notes due 2019 on Wednesday

By Paul A. Harris

Portland, Ore., June 2 – PaperWorks Industries, Inc. plans to launch and price a $90 million add-on to its 9½% senior secured notes due Aug. 15, 2019 (existing ratings B3/B-) on Wednesday, according to an informed source.

Jefferies LLC is the left bookrunner for the Rule 144A and Regulation S for life offering. Macquarie Capital is the joint bookrunner.

The notes become callable after Aug. 15, 2016 at 104.75.

The Philadelphia-based integrated coated-recycled board and folding carton company plans to use the proceeds to fund the acquisition of CanAmPac.

The original $275 million issue priced at par on July 30, 2014.

The add-on notes will become fungible with original notes.

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