The Stone Container Corp. subsidiary of Smurfit-Stone Container Corp. (SSCC) has amended its credit line and issued notes to put together a refinancing package that will allow it to have access to $1.3 billion in new funding. SSCC, Chicago, has also hired Morgan Stanley & Co. Inc. as its financial adviser to assist its board of directors in evaluating its near-term future.
The company is considering potential strategic and financial steps in light of the announcement that a Chicago-based investment firm has offered to buy Jefferson Smurfit Group plc (JSG), the largest shareholder of SSCC. According to published reports, Chicago-based Madison Dearborn will spin off the SSCC operations from the rest of Jefferson Smurfit Group.
SSCC handles over seven million tons of recovered paper annually through its 23 recycling plants, 12 domestic sales offices and a trading office in Shanghai, China
The company is a major consumer of cardboard at its containerboard mills, part of an overall 300 packaging plants. The company is a major producer of containerboard, corrugated containers, industrial bags and clay-coated recycled boxboard. In addition, Smurfit-Stone is a leading producer of folding cartons, solid bleached sulfate, displays, paper tubes and cores and labels. The company is responsible for about 18 percent of the North American containerboard market production, much of it made from secondary fiber.Latest from Recycling Today
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