AEP Industries completes $150 million amended and restated facility

By Sara Rosenberg

New York, Feb. 27 - AEP Industries Inc. closed on a $150 million amended and restated credit facility due Feb. 21, 2017, according to an 8-K filed with the Securities and Exchange Commission on Monday.

Wells Fargo Capital Finance LLC acted as the lead arranger on the deal that was completed on Feb. 22.

Pricing can range from Libor plus 175 basis points to 250 bps based on excess availability, and there is a 37.5 bps unused fee. Initial pricing is Libor plus 200 bps.

If at any time average excess availability is less than $22.5 million for the preceding fiscal quarter, a fixed charge coverage ratio test of 1.0 times must be met.

Proceeds were used to replace an existing $150 million facility that was set to mature on Dec. 15, 2012.

AEP is a South Hackensack, N.J.-based producer, manufacturer and distributor of plastic packaging products.

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