Bloomberg
reported that Packaging Corp. of America (PCA) got a $2 billion financing
commitment for its purchase of Boise Inc.
PCA
plans to replace a 364-day bridge loan being provided by Bank of America Corp.
with longer-term debt that may include as much as $700 million of senior notes
and $1.3 billion of term loans consisting of a seven-year portion and five-year
piece, according to a regulatory filing yesterday.
PCA
agreed to buy the Boise, Idaho-based maker of packaging and paper products for
about $1.27 billion in cash. The deal is valued at about $2 billion including
Boise’s $714 million outstanding debt.
