White Birch Paper to launch $185 million term loan on Friday

By Sara Rosenberg

New York, Sept. 11 – White Birch Paper is set to hold a bank meeting at 11 a.m. ET in New York on Friday to launch a $185 million six-year first-lien covenant-light term loan, according to a market source.

Credit Suisse Securities (USA) LLC is the lead bank on the deal.

Price talk on the term loan is Libor plus 600 basis points with a 1% Libor floor and an original issue discount of 99, the source said.

The term loan has call protection of 102 in year one and 101 in year two.

Expected ratings are B2/B+, the source added.

Proceeds will be used to refinance existing debt.

Commitments are due on Sept. 26.

White Birch Paper is a Greenwich, Conn.-based manufacturer of newsprint, directory paper and paperboard.

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