The Newark Group Completes $186 Million Refinancing
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The Newark Group, Cranford, N.J., USA, a producer and converter of 100% recycled paperboard in the U.S. and Canada, this week announced that it has completed a $186 million refinancing transaction. The company successfully raised debt financing consisting of an undrawn $50 million ABL Revolving Credit Facility, an $80 million 1st Lien Term Loan, and a $56 million 2nd Lien Term Loan.
"This is a significant enhancement for the Newark Group. It permits the company to invest in equipment, technology, and talent," said Frank Papa, Newark CEO and president. "The refinancing increases the countless capabilities in paperboard design and functionality that we can offer our customers and vendors."
Newark CFO Gregg Kam noted that "the successful completion of the refinancing represents a vote of confidence in Newark's strategic vision and represents another step in the company's operational and financial transformation."
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