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Radnor pulls IPO
New York, May 16 - Radnor Holdings Corp. abandoned plans for an initial public offering of common stock.
The company had planned to repay $32.5 million of revolver debt and $22.3 million of term loans and mortgage debt with proceeds from an initial public offering of 4.285 million shares of common stock, according to previous filings with the Securities and Exchange Commission.
The Radnor, Pa.-based maker of polystyrene cups and containers blamed "unfavorable market conditions" for the withdrawal.
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