Unisource Completes $575 Million Credit Facility
Headquartered in Norcross, Ga., Unisource Worldwide, a leading distributor of paper, packaging and facility supplies in North America, has successfully entered into a new senior-secured revolving credit facility.
The new facility is lead by Banc of America Securities LLC, Wells Fargo Foothill, LLC and GE Capital Markets, and provides for up to $575 million of borrowings with a scheduled maturity date of August 2012. The agreement also provides additional liquidity to Unisource by allowing the company to increase the size of the facility up to $700 million.
“This refinancing demonstrates our strong financial position and is a testament to our lenders’ confidence in our ability to outperform the marketplace,” said Al Dragone, Unisource CEO.
He continued, “During the past three and a half years, the company has reduced our bank borrowings by approximately $285 million through the generation of free cash flow. Our new credit facility provides us with significant liquidity to pursue acquisitions and strengthens our capability to expand our operations outside North America.”
For more information, visit www.unisourcelink.com.