- February 13, 2013
CRANFORD, NJ | The Newark Group, specialists in the collection of secondary fibers and the manufacturing and converting of 100% recycled paperboard in the US and Canada, has completed a $186 million refinancing transaction. The company successfully raised debt financing consisting of an undrawn $50 million ABL Revolving Credit Facility, an $80 million 1st Lien Term Loan, and a $56 million 2nd Lien Term Loan.
“This is a significant enhancement for the [us],” says Newark Group CEO and president Frank Papa. “It permits the company to invest in equipment, technology, and talent. The refinancing increases the countless capabilities in paperboard design and functionality that we can offer our customers and vendors.”
Adds Newark CFO Gregg Kam, “The successful completion of the refinancing represents a vote of confidence in Newark’s strategic vision and represents another step in [our] operational and financial transformation.”