Wachovia Securities is scheduled to launch syndication today of a $250 million refinancing credit for Tredegar Corp. The deal includes a five-year, $175 million revolver and a $75 million "A" loan, both priced at LIBOR plus 11/4%. In April, the Richmond, Va.-based company extended its $100 million, 364-day credit for one more year, but the company said in a filing that this extension was only an interim step taken until longer term financing was put in place by Sept. 30. This credit, also led by Wachovia, is priced in the LIBOR plus 11/4-15/8% range. Additionally, the company has a term loan with $225 million outstanding as of last June. This loan is priced in the LIBOR plus 1/2- 1% range.
SunTrust Bank is a syndication agent on the 364-day credit, while Bank of America is a documentation agent. Tredegar is a global manufacturer of plastic films and aluminum extrusions. The company's debt outstanding as of last June was $230.1 million. Andrew Edwards, cfo, v.p., finance and treasurer, and a Wachovia banker did not return calls before press time.