KapStone Paper and Packaging increases accordion with loan amendment

By Sara Rosenberg

New York, May 16 - KapStone Paper and Packaging Corp. expanded the accordion feature on its credit facility to $450 million, according to an 8-K filed with the Securities and Exchange Commission on Wednesday.

The amendment also included removal of certain mandatory prepayment events and revision of the calculation methodology for the financial covenants.

The amendment was completed on May 10.

Bank of America is the administrative agent on the deal.

KapStone is a Northbrook, Ill.-based producer of unbleached kraft paper products and linerboard.

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