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Unisource completes five-year $640 million senior secured asset-based credit facility

Wednesday, March 23, 2011

Press release from the issuing company

Norcross, Ga. - Unisource Worldwide, Inc., one of the largest privately held companies in the United States, has successfully entered into a new five-year senior secured asset-based $640 million credit facility.

The new facility -- led by Bank of America Merrill Lynch, Wells Fargo, and Barclays Capital -- provides for up to $640 million of borrowings with a scheduled maturity date of March 2016.  The agreement also provides future additional liquidity to Unisource by allowing the company to increase the size of the facility up to $790 million.

"This refinancing further strengthens Unisource's financial position, demonstrates our lenders' confidence in our ability to outperform the marketplace, and provides funding to support the company's aggressive organic and acquisition growth initiatives," said Al Dragone, Unisource CEO.  

Unisource Chief Financial Officer John Sills added, "The syndication process went extremely well and we actually received commitments in excess of $1 billion from various institutions wanting to provide capital.  Our new facility has very favorable rates and a flexible structure which will allow Unisource to continue to support and invest in our global businesses in North America, Europe and Asia.  At the facility closing date, Unisource had more than $300 million of unrestricted excess availability under our line of credit."


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