Solo amends loan, waiving non-compliance, raising pricing

By Sara Rosenberg

New York, Oct. 16 - Solo Cup Co. amended its credit facility, waiving non-compliance resulting from necessary financial restatements, waiving compliance with financial covenant ratios for the first, second, third and fourth fiscal quarters of 2006, and increasing interest rates, according to a 10-Q filed with the Securities and Exchange Commission Monday.

Under the amendment, pricing on the company's first-lien facility was increased to Libor plus 325 basis points from Libor plus 250 bps, pricing on the second-lien facility was increased to Libor plus 600 bps from Libor plus 450 bps and pricing on the revolver was increased to Libor plus 325 bps from Libor plus 250 bps.

The amendment was completed on Oct. 13.

Solo is a Highland Park, Ill.-based manufacturer of disposable foodservice products for the consumer/retail, foodservice, packaging and international markets.

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