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Appleton Papers plans new $100 million asset-based revolving facility
By Sara Rosenberg
New York, Jan. 25 - Appleton Papers Inc. plans on getting a new $100 million five-year asset-based revolving credit facility, according to an 8-K filed with the Securities and Exchange Commission on Monday.
Fifth Third Bank is the lead bank on the deal.
Pricing on the revolver can range from Libor plus 350 basis points to 400 bps based on usage.
Proceeds will be used to help refinance the company's existing senior secured credit facility.
As part of the refinancing, the company also plans to sell $300 million of senior secured notes due 2015.
Closing on the notes is contingent on closing on the revolver.
Appleton Papers is an Appleton, Wis.-based producer of carbonless, thermal, security and performance packaging products.
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