Unisource Worldwide Inc. and xpedx Agree to Merge
New publicly held distribution company to create enhanced platform
for profitable growth across packaging, print and facility solutions.
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To finance the cash payment to International Paper and refinance existing debt of Unisource, the new company has entered into a commitment with three banks for $1.4 billion of asset-backed financing. The new company's debt-to-EBITDA ratio is targeted to be in the range of 4-5. The new company will be well positioned to generate solid cash flow for operations and reinvestment in the business while adequately servicing its debt.
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