Radnor Holdings announces $30 million add-on to floaters due April 2009

By Paul A. Harris

St. Louis, Sept. 29 - Radnor Holdings Corp. plans to make a $30 million tap of its senior secured floating-rate notes due April 15, 2009 (existing ratings B3/B), the company said in a news release late Thursday.

The original $70 million issue was priced at par on April 15, 2004 via bookrunner Lehman Brothers. The notes have a coupon of three-month Libor plus 675 basis points.

The company also said it plans to sell $20 million of preferred stock.

Proceeds will be used to repay the company's revolving credit facility in order to provide additional availability to fund growth initiatives in its foodservice packaging business.

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

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