Daily News: August 7, 2013

AIGCAF Provides $100MM to Pratt Paper

AIG Commercial Asset Finance (AIGCAF) and its affiliates provided a $100 million senior secured term loan to Pratt Paper (LA), a wholly-owned subsidiary of Pratt Industries. The loan proceeds were used to refinance existing term debt and to provide additional working capital.

Pratt Industries is the fifth largest corrugated packaging company in the U.S. and it is the world’s largest, privately-held 100% recycled paper and packaging company.

Headquartered in Conyers, GA, Pratt was founded in the US more than twenty years ago. Since then, the company has shown dramatic growth in production and revenues. With sophisticated manufacturing facilities in more than twenty states, Pratt’s paper mills recycle more than six million pounds of recovered paper each day.

Gary Byrd, president of Pratt Holdings, says that Pratt Paper has long standing relationships with AIG through its sister companies operating in Australasia. “We have built strong and mutually beneficial relationships with several of AIG’s international insurance companies and we’re certain that we can build a similar relationship with AIGCAF. In particular, we appreciate the responsiveness and broad finance expertise that was demonstrated by AIGCAF as it quickly reviewed our initial request and moved promptly to closing and funding.”

AIGCAF is a provider of secured and unsecured corporate, project, equipment and select commercial real estate loans to investment grade companies in a variety of industries including utilities, manufacturing, transportation, healthcare, and high tech.