SCA Packaging to launch $340 million credit facility Tuesday

By Sara Rosenberg

New York, Feb. 5 - SCA Packaging North America is scheduled to hold a bank meeting on Tuesday to launch its proposed $340 million credit facility, according to a market source.

JPMorgan and Bank of America are the lead banks on the deal.

The facility consists of a $50 million revolver talked at Libor plus 250 basis points, a $205 million first-lien term loan talked at Libor plus 250 bps and an $85 million second-lien term loan talked at Libor plus 600 to 625 bps, the source said.

Proceeds will be used to help fund the acquisition of the company by Metalmark Capital from Sweden-based Svenska Cellulosa for about $400 million.

SCA is a New Brighton, Pa., producer of protective packaging and material-handling products.

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