The Newark Group announced that it completed a $186 million refinancing transaction. The company raised debt financing consisting of an undrawn $50 million ABL revolving credit facility, an $80 million first lien term loan and a $56 million second lien term loan.
“This is a significant enhancement for the Newark Group. It permits the Company to invest in equipment, technology and talent.” said Frank Papa, Newark CEO and president. “The refinancing increases the countless capabilities in paperboard design and functionality that we can offer our customers and vendors.”
Moelis & Company served as exclusive financial advisor on the transaction. Lowenstein Sandler served as Newark’s legal advisor.