FiberMark to launch $167.5 million credit facility on Tuesday

By Sara Rosenberg

New York, Dec. 17 - FiberMark Inc. is scheduled to hold a bank meeting on Tuesday to launch its proposed $167.5 million credit facility, according to a market source.

GE Capital is the lead bank on the deal.

The facility consists of a $25 million revolver and a $142.5 million term loan, with both tranches talked at Libor plus 425 basis points, the source said.

The original issue discount on the term loan is still to be determined, the source added.

Commitments from lenders will be due in mid-January.

Proceeds will be used to help fund American Securities Capital Partners' buyout of the company.

FiberMark is a West Springfield, Mass., innovator and specialty converter of fiber-based materials serving high-end niche markets.

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