Mesirow Financial Advises Exopack on Recapitalization
In conjunction with the closing of the transactions, the Company accepted for payment all of its outstanding 11¼ percent senior notes due 2014 (the "2014 Notes") that were tendered to the Company pursuant to its previously announced cash tender offer and consent solicitation (the "Tender Offer") prior to the expiration of the early consent deadline thereof. The Company used a portion of the net proceeds from the offering of the 2018 Notes and borrowings under the new term loan facility to purchase $291,512,000 aggregate principal amount of the 2014 Notes and make related consent payments. The Company also repaid all outstanding borrowings under the revolving credit facility, made a distribution to its stockholders and paid related transaction fees and expenses. The Company intends to use the remaining net proceeds from the offering of the 2018 Notes and borrowings under the new term loan facility to redeem all of the 2014 Notes that were not tendered pursuant to the Tender Offer.