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Rock-Tenn amends, getting $227 million term A-2 at Libor plus 175 bps
By Sara Rosenberg
New York, Dec. 8 - Rock-Tenn Co. completed the amendment to its credit facility, providing for a new $227 million term loan A-2, according to an 8-K filed with the Securities and Exchange Commission on Thursday.
Initial pricing on the term loan A-2 is Libor plus 175 basis points. The spread can range from Libor plus 125 bps to 200 bps based on leverage.
Proceeds are available for working capital and general corporate purposes.
The term loan A-2 can be borrowed in a single drawing or in two separate drawings in minimum amounts of $100 million on or before to March 31.
There is a 35 bps ticking fee.
Wells Fargo Bank is the administrative agent on the deal and Bank of America, acting through its Canada Branch, as the Canadian administrative agent.
The amendment was completed on Dec. 2.
Rock-Tenn is a Norcross, Ga., manufacturer of corrugated and consumer packaging and recycling solutions.
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