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Radnor's StyroChem Finland gets $20 million loan at Libor plus 650 bps
New York, July 8 - Radnor Holdings Corp. said its European subsidiary StyroChem Finland Oy obtained a $20 million senior secured term loan.
Interest is at Libor plus 650 basis points, although the rate can go lower based on a pricing grid using the debt to EBITDA ratio.
The loan matures on July 1, 2008 and amortizes by $500,000 quarterly in the first year, $575,000 quarterly in the second year and $650,000 quarterly in the first three quarters of the third year.
Security is a second lien on StyroChem's property and assets except leased real property and a pledge of its capital stock. Radnor guaranteed the loan up to €7.5 million, according to an 8-K filing with the Securities and Exchange Commission.
Radnor is a Radnor, Pa.-based manufacturer of foam cups and containers and expandable polystyrene beads.
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