Silgan to draw on existing credit facility for Portola Packaging buy

By Sara Rosenberg

New York, Aug. 13 - Silgan Holdings Inc. plans on using borrowings under its existing senior secured credit facility and cash on hand to fund its $266 million acquisition of Portola Packaging Inc., according to a news release.

Closing is expected as early as September, subject to certain customary conditions and regulatory approvals.

Silgan is a Stamford, Conn.-based supplier of rigid packaging for shelf-stable food and other consumer goods products. Portola is a Naperville, Ill.-based manufacturer of plastic closures.

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