New Issue: Radnor Holdings prices $135 million seven-year notes at par to yield 11%

By Paul A. Harris

St. Louis, March 6 - Radnor Holdings Corp. priced $135 million of senior notes due March 15, 2010 (B2/B-) at par Thursday to yield 11%, according to a market source.

Price talk was for a yield of 10¾%-11%.

Deutsche Bank Securities Inc. was the bookrunner. The co-managers were Fleet Securities, PNC and UBS Warburg.

Proceeds from the Rule 144A notes will be used to repay Radnor's revolver and existing notes.

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

Issuer:	Radnor Holdings Corp.
Amount:	$135 million
Maturity:	March 15, 2010
Security description:	Senior notes
Bookrunner:	Deutsche Bank Securities
Co-managers:	Fleet Securities, PNC, UBS Warburg
Coupon:	11%
Price:	Par
Yield:	11%
Spread:	799 basis points
Call features:	Callable on March 15, 2007 at 105.5, 102.75, par on March 15, 2009 and thereafter
Equity clawback:	Until March 15, 2006 for 35% at 111
Settlement date:	March 11, 2003
Ratings:	Moody's: B2
	Standard & Poor's: B-
Price talk:	10¾%-11%

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