Appvion to redeem all 9¾% senior and 11¼% second-lien notes

By Tali David

Minneapolis, Nov. 12 - Appvion, Inc. plans to redeem all of its outstanding 9¾% senior subordinated notes due 2014 and 11¼% second-lien notes due 2015 with the proceeds from a new second-lien note offering, according to a press release.

Proceeds will also be used to pay the redemption premium for the 11¼% notes plus accrued interest on the existing notes, if any, on the redemption date and to pay fees and expenses related to the redemption of the existing notes and the proposed offering of the notes.

Any remaining net proceeds will be used to repay amounts outstanding under the company's revolving credit facility.

Appvion is based in Appleton, Wis., and makes thermal, carbonless and security papers and Encapsys products.

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