Panolam seeks $225 million credit facility via Deutsche

By Sara Rosenberg

New York, Nov. 4 - Panolam Industries International Inc. is expected to approach the bank loan market with a new $225 million credit facility, according to a market source. Deutsche Bank is the lead bank on the deal.

The facility consists of a $20 million revolver (B1/B+), a $130 million term loan (B1/B+) and a $75 million second-lien term loan (B3/B-), the source said.

Proceeds will be used to pay a dividend to shareholders and to refinance existing debt.

Panolam is a Shelton, Conn., provider of decorative surfaces for commercial and residential interiors, store and store fixtures, and furniture.

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