BANK ONE is preparing to launch syndication of a $400 million credit for Printpack, an Atlanta-based producer of flexible packaging. The deal is expected to hit the market by the end of the month. The facility will be used to redeem the 9 7/8 % notes due in 2004, the 10 5/8 % senior subordinated notes due in 2006 and replace the existing credit line, explained Trip Ceitter, treasurer. The existing line, a $188 million facility, was arranged by First National Bank of Chicago. Officials at BANK ONE did not return calls.
The company provides packaging primarily to consumer food companies, explained Ceitter. He said closing of the loan is expected in March.