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Exopack announces completion of recapitalization

Exopack Holding Corp., an affiliate of Sun Capital, has announced the completion of a recapitalization of the company's capital structure which includes a $350 million senior secured term loan facility, a $235 million senior note offering at 10%, and a $75 million revolving line of credit.  
FILED IN:  Package Component  > Films
The company used the proceeds from the recapitalization to repay its existing $320 million senior notes at 11.25%, to repay its existing revolving line of credit, to pay a dividend to Sun Capital, and to pay customary closing fees for a transaction of this size and type.

The new capital structure extends the maturity of Exopack’s debt, reduces its cost of capital, increases its liquidity, and provides significant availability under its revolving line of credit. This affords Exopack the financial flexibility for continued growth through investment in leading-edge equipment and innovative technologies, as well as the ability to pursue future complimentary acquisitions.

“As a result of our recent recapitalization activities, Exopack is positioned for future growth and prosperity.  Moving forward, we will continue to enhance our business model and operational competencies in order to meet the needs of our stakeholders and maintain our position as a leading provider of flexible packaging and coated films solutions,” said Jack Knott, Chairman and CEO of Exopack Holding Corp.

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