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Radnor to repay some revolver and term debt with IPO proceeds
By Sara Rosenberg
New York, Nov. 13 - Radnor Holdings Corp. plans on repaying about $32.8 million of revolver debt and $22 million of term loans and mortgage debt with proceeds from an initial public offering of 4.285 million shares of common stock, according to a filing with the Securities and Exchange Commission.
Estimated proceeds from the IPO are about $54.8 million, after deducting the underwriting discount and estimated expenses and assuming the shares are sold for $14 per share. If the underwriters exercise their over-allotment option in full, then estimated net proceeds will be about $63.2 million.
The effective interest rate on the revolver at Sept. 26 ranged from 3.65% to 4.60%, and final maturity dates ranged from current to March 2008, according to the filing.
The effective interest rate at Sept. 26 under the term loans and mortgages ranged from 3.17% to 9.86%, and final maturity dates ranged from current to March 2008.
Radnor Holdings is a Radnor, Pa.-based company, which through its two subsidiaries manufacturers foam cups and containers and expandable polystyrene bead.
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