Expera Specialty Solutions, a portfolio company of KPS Capital Partners, closed a $50 million senior secured revolving credit facility and a $285 million senior secured term loan as part of its second recapitalization. Deutsche Bank Securities and Barclays acted as joint lead arrangers and joint bookrunners.

The proceeds were used to refinance outstanding debt, to fund an $85 million cash distribution to stockholders and to support the company’s continued growth.

Following the recapitalization, Expera remains conservatively capitalized with the continued support of KPS to pursue organic and strategic growth initiatives. KPS is a private equity firm with approximately $5.5 billion of assets under management. KPS and Expera management continue to own 100% of Expera’s common stock following the recapitalization.

Russ Wanke, Expera CEO, said, “Expera’s successful recapitalization validates the incredible transformation Expera has experienced under KPS’ ownership, and we are pleased to return capital to our stockholders. Our conservative capital structure and the financial support of our stockholders provide us with the resources to support our customers and further expand the Expera platform.”

In August 2014, Expera completed its first recapitalization, the proceeds of which were used to fund a $35 million cash distribution to stockholders. As a result of the two recapitalizations, Expera has distributed $120 million of cash to its stockholders since its creation.

Paul, Weiss, Rifkind, Wharton & Garrison served as legal counsel to Expera with respect to the recapitalization.

Wisconsin-based Expera is a manufacturer of specialty paper products for the industrial, technical, food and pressure-sensitive release liner segments.