Radnor gets $95 million credit facility

By Sara Rosenberg

New York, Dec. 7 - Radnor Holdings Corp. closed on a $95 million secured credit facility due Sept. 15, 2009, according to an 8-K filed with the Securities and Exchange Commission Wednesday.

Tennenbaum Capital Partners LLC provided the deal.

Borrowings carry an interest rate of Libor plus 725 basis points.

The loans can be prepaid at the company's option at 102% of the principal amount, reducing over time to 100%.

The credit facility, which closed Dec. 1, was used to redeem all senior secured floating-rate notes due 2009 and refinance other existing indebtedness. Remaining net proceeds will be used for general capital expenditures related to manufacturing operations and working capital.

Radnor is a Radnor, Pa.-based foam cup and container manufacturer and manufacturer of expandable polystyrene bead.

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