FiberMark firms $167.5 million credit facility pricing at Libor plus 500 bps, OID 98½

By Sara Rosenberg

New York, Jan. 30 - FiberMarks Inc. finalized pricing on both tranches under its $167.5 million credit facility at Libor plus 500 basis points, with an original issue discount of 981/2, according to a market source.

Tranching on the deal is comprised of a $25 million revolver and a $142.5 million term loan.

At launch, both tranches were talked at Libor plus 425 bps with a discount of 99, but the spread and the discount were increased during syndication.

GE Capital is the lead bank on the deal.

Proceeds are being used to help fund American Securities Capital Partners' already completed buyout of the company.

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

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