Packaging Dynamics offers to buy back up to $64.91 million 8¾% notes

By Angela McDaniels

Tacoma, Wash., June 18 – Packaging Dynamics Corp. began a tender offer for up to $64,912,000 principal amount of its outstanding 8¾% senior secured notes due 2016, according to a company news release.

The company is offering par plus accrued interest to the settlement date.

The offer will expire at 11:59 p.m. ET on July 17.

If the principal amount of notes tendered exceeds the tender cap, the company will purchase an amount of notes up to the tender cap on a pro rata basis.

Packaging Dynamics acquired Thilmany, LLC on June 26, 2013. Under the note indenture, the company is required to make the tender offer with any excess collateral proceeds and excess proceeds of the sale that are left over 366 days following the Thilmany sale after it has repaid certain debt, funded certain asset acquisitions or made certain capital expenditures.

The tender agent is U.S. Bank NA (fax at 651 466-7372).

Packaging Dynamics makes flexible packaging and specialty papers and is based in Chicago.

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