Rock-Tenn lifts receivables facility to $700 million, extends to 2015

By Marisa Wong

Madison, Wis., Dec. 31 - Rock-Tenn Co. increased the borrowing capacity under its committed receivables securitization financing facility to up to $700 million, according to an 8-K filed Monday with the Securities and Exchange Commission.

The receivables facility was amended on Dec. 21 to also reduce some restrictions on what constitutes eligible receivables under the facility, to tighten the delinquency, default and dilution ratios for purposes of triggering an amortization event and to lower borrowing costs under the facility.

In addition, the maturity date of the facility was extended until Dec. 18, 2015.

Rabobank Nederland, New York Branch is the administrative agent for the amended and restated facility, which is being used by wholly owned subsidiary Rock-Tenn Financial, Inc. to purchase receivables from other RockTenn subsidiaries.

Rock-Tenn is a packaging company based in Norcross, Ga.

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