Atlantis Plastics $105 million amended, restated credit facility not being syndicated

By Sara Rosenberg

New York, Jan. 19 - Atlantis Plastics Inc.'s proposed $105 million amended and restated credit facility is not going to be syndicated but rather is already spoken for by a club of three banks, GE Capital Corp., Merrill Lynch and BNP Paribas, a company spokesman told Prospect News on Wednesday.

The company met with these three banks, which are all participants in the company's existing credit facility as well, on Tuesday, the spokesman said.

The amended facility consists of a $25 million revolver and an $80 million term loan B. Final pricing has not yet been determined; however, the spokesman did say that "it's a different capital market so we will have lower pricing on the [new] bank deal than we had before."

Proceeds from the amended and restated loan, along with proceeds from a $125 million senior subordinated note deal, will be used to repay existing senior secured debt, to pay a special dividend to its shareholders of up to $118 million and to pay related fees and expenses.

Closing on the amended and restated facility is expected to take place on the bond settlement date.

Ratings on both the bank debt and the bonds are expected to come out sometime this week, the spokesman added.

Atlantis Plastics is an Atlanta manufacturer of specialty plastic films and custom molded and extruded plastic products used for storage and transportation, food service, appliance, automotive, commercial and consumer applications.

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