PaperWorks Completes Refinancing

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PaperWorks Industries Inc., Philadelphia, Pa., USA, this week reported that it has successfully completed a refinancing. Proceeds will be used to refinance existing debt and to fund the January 2011 acquisitions of Rosmar Packaging and Manchester Industries. Details of the financing were not disclosed.

CEO Thomas Garland noted that "we were quite pleased with the excellent response to our debt offering. Our new debt structure allows us to continue to invest in our operations, complete the integration of our recent acquisitions, and explore further opportunities for growth."

Founded in 2008, PaperWorks Industries is an integrated full-service packaging provider. The company's Packaging Group produces specialized folding cartons, serving clients of all sizes across North America from 11 facilities. Its Paperboard Group manufactures some 300,000 tons of 100% recycled paperboard annually for a variety of end uses, and further specializes in the cutting and distribution of all paper types. The company has more than 1,850 employees across 18 North American locations, with annual sales in excess of $600 million.