Radnor Holdings calls $160 million of notes, to bring $135 million new deal

By Paul A. Harris

St. Louis, Feb. 21 - Radnor Holdings Corp. redeemed its two outstanding bond issues on Feb. 19 and Feb. 20, a move in line with its recently announced refinancing plan that also includes $135 million of new notes.

A market source said Radnor called its $100 million of 10% senior notes due December 2003, issued in 1996 via Alex. Brown, and an additional $60 million of the notes issued in 1997 via Bear Stearns & Co.

In a recent press release the company announced it will bring $135 million of new senior notes. Standard & Poor's rated $135 million of senior notes due 2010 at B- with a positive outlook.

Proceeds from the Rule 144A notes along with a new $45 million term loan and an increase in its current revolver to $45 million from $35 million will be used to fund the note redemption and repay revolver borrowings.

The issuer is a Radnor, Pa. manufacturer and distributor of foam packaging and specialty chemical products for the foodservice, insulation and protective packaging industries.

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