Radnor yet again extends solicitation for floating-rate notes

New York, Oct. 18 - Radnor Holdings Corp. said it has again extended its consent solicitation to amend its senior secured floating-rate notes due 2009.

The expiration date is now 5 p.m. ET on Oct. 19, pushed back from 5 p.m. ET on Oct. 18 and previously extended multiple times from the original Oct. 7.

As announced on Sept. 29, the Radnor, Pa., maker of disposable food packaging is seeking to amend the note indenture and related collateral documents to allow it to issue up to $100 million of notes under the indenture instead of the current $70 million limit.

To repay bank borrowings so that it has extra availability to fund growth, Radnor is looking to sell a further $30 million of the notes and at least $20 million of preferred stock. The new notes will be secured by the same collateral as the original notes and have the same guarantors.

Holders who consent will receive a fee of $2.50 per $1,000 principal amount.

Lehman Brothers Inc. is the solicitation agent (call collect 212 528-7581 or 800 438-3242). D.F. King & Co., Inc. is the information agent (call collect 212 269-5550 or 800 290-6429).

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