Expera onto $178 million for 'sizeable' cap spend and 'operational liquidity'

摘要

For its acquisition of four Wausau Paper and Thilmany Paper specialty paper mills, Expera Specialty Solutions seeks a $178 million sr secured bank term loan, Standard & Poor's (S&P) said this week. S&P assigned a "stable" rating, noting that the funding provides "operational liquidity" and that the firm was likely to aggressively capital spend in 2013-14. "We expect credit metrics to be good for an aggressive financial risk profile with leverage of about 3x by the end of 2013," S&P said. "We do not expect a positive rating action in the next year given Expera's lack of history as a stand-alone entity, its private equity ownership, and low likelihood for meaningful free cash flow generation given its sizeable required capital expenditures in 2013-2014."