PaperWorks completes refinancing; proceeds to be used to refinance existing debt, fund acquisitions of Rosmar Packaging, Manchester Industries
July 26, 2011
– PaperWorks Industries today announced that it has successfully completed its 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.
Chief Executive Officer Thomas Garland commented, “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.”
About PaperWorks Industries
Founded in 2008, PaperWorks Industries, Inc. is a leading North American integrated full-service packaging provider. The company’s Packaging Group is considered a leading innovator in the production of specialized folding cartons, serving clients of all sizes across North America from 11 facilities. Its Paperboard Group manufactures approximately 300,000 tons of 100% recycled paperboard every year for a variety of end uses, and further specializes in the cutting and distribution of all paper types according to specific customer needs. PaperWorks Industries is headquartered in Philadelphia, PA. It is home to over 1,850 employees across 18 North American locations with annual sales in excess of US$600 million.