Printpack plans new loan to redeem notes

New York, Feb. 12 - Printpack, Inc. said it is obtaining a new $400 million credit facility to redeem its 9 7/8% senior notes due 2004 and 10 5/8% senior subordinated notes due 2006.

The Atlanta, Ga. flexible packaging company said BancOne Capital Markets, Inc. will be arranging and syndicating the new credit facility, which will replace its existing facility.

Closing of the new bank line and redemption of the notes will likely take place in late March or early April, Printpack said.

Printpack issued $100 million of the 9 7/8% senior notes and $200 million of the 10 5/8% senior subordinated notes in August 1996, using the proceeds to buy JR Flexible.

The senior notes became callable on Aug. 15, 2000 with the redemption price from Aug. 15, 2001 onwards being 103.292, reducing to 101.646 on Aug. 15, 2002 and par on Aug. 15, 2003.

The senior subordinated notes became callable on Aug. 15, 2001 at a redemption price of 105.313, reducing to 103.542 on Aug. 15, 2002, 101.771 on Aug. 15, 2003 and par on Aug. 15, 2004.

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