New Issue: Radnor sells $70 million five-year bonds at Libor plus 675 bps

By Paul A. Harris

St. Louis, April 15 - Radnor Holdings Corp. sold $70 million of five-year senior secured floating-rate notes (B3/B) Thursday at par to yield three-month Libor plus 675 basis points, according to an informed source.

Lehman Brothers ran the books on the Rule 144A issue.

Proceeds will be used to repay bank debt.

The issuer is a Radnor, Pa.-based producer of foam packaging and specialty chemical products for the food service, insulation and protective packaging industries.

Issuer:	Radnor Holdings Corp.
Amount:	$70 million
Maturity:	April 15, 2009
Security description:	Senior secured floating-rate notes
Bookrunner:	Lehman Brothers
Coupon:	Three-month Libor plus 675 basis points
Price:	Par
Yield:	Three-month Libor plus 675 basis points
Call features:	Callable immediately and throughout first year at 103, second year at 102, third year at 101, par at the end of year three
Pricing date:	April 15
Settlement date:	April 27
Ratings:	Moody's: B3
	Standard & Poor's: B

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