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Coveris to pay back some revolver debt, redeem 10% notes due 2018
By Susanna Moon
Chicago, July 19 – Coveris Holdings SA plans to repay some revolving loans and to redeem the 10% senior notes due 2018 issued by Coveris Holding Corp., formerly Exopack Holding Corp.
Specifically, the company plans to pay down a portion of the debt outstanding under the North American and U.K. asset-backed revolving credit facilities, according to a company announcement.
Funding for the redemption and paydown will come from proceeds of a $350 million incremental term loan, which is expected to close in August.
Coveris, a portfolio company of Sun Capital Partners Inc., is a Chicago-based manufacturer and distributor of packaging solutions and coated film technologies.
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