Paperweight’s Appvion unit amends loan to update EBITDA definition

By Marisa Wong

Morgantown, W.Va., June 28 – Paperweight Development Corp.’s wholly owned subsidiary, Appvion, Inc., entered into a fourth amendment to its existing credit agreement dated June 28, 2013 with Jeffries Finance LLC as administrative agent and Fifth Third Bank as revolver agent, swingline lender and letter-of-credit issuer, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides, in the calculation of consolidated EBITDA, for an additional add-back to consolidated net income for cash, fees or expenses paid or incurred in connection with financial and advisory services in an aggregate amount of up to $6.5 million.

The amendment was completed on June 24.

Appvion is based in Appleton, Wis., and makes thermal, carbonless and security papers.

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