Mail-Well Refinances Senior Facility, Provides $300 Million Credit
Press release from the issuing company
ENGLEWOOD, Colo., July 9 -- Mail-Well, Inc. announced today that it has refinanced its senior secured bank credit facility. The new facility provides up to $300 million of revolving availability. Mail-Well applied a portion of that availability to satisfy its obligations under the previous facility including the repayment of its term loans. Bank of America, N.A., which served as administrative agent under the previous facility, continues in that role under the new facility.
The new facility, which went into effect on June 28, 2002, utilizes a borrowing base consisting of accounts receivable, inventory and equipment to determine availability at any given time.
"We are pleased with our new credit arrangement," said Michel Salbaing, Mail-Well's Senior Vice President and Chief Financial Officer. "It allows us more financial flexibility to manage the strategic planning process and weather the current industry downturn. It is the right tool to help us achieve our strategic goals."
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