Mesirow Financial Advises Exopack on Recapitalization
Mesirow Financial, Inc. acted as co-manager and co-documentation agent to Exopack Holding Corp. ("Exopack" or the "Company"), an affiliate of Sun Capital Partners, Inc. ("Sun Capital"), in its recent recapitalization transactions, which included the private placement of $235.0 million aggregate principal amount of 10 percent Senior Notes due 2018 (the "2018 Notes"), the entry into a six-year $350.0 million senior secured term loan facility and the amendment and reinstatement of the Company's existing revolving credit facility.
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.
"Mesirow Financial was delighted to have the opportunity to again work with the Exopack and Sun Capital teams, and to serve as co-manager and co-documentation agent in this strategic transaction," said Jeffrey Golman, vice chairman and head of Mesirow Financial's Investment Banking group.
Headquartered in Spartanburg, SC, Exopack is a full-service plastic and paper flexible packaging solutions manufacturer that specializes in substrate development, film extrusion, printing, lamination and converting of flexible packaging products.
Sun Capital is a leading private investment firm focused on leveraged buyouts, equity, debt and other investments in companies that can benefit from its in-house operating professionals and experience.