ST. LOUIS -- Jefferson Smurfit Corp. and its Container Corporation of America affiliate announced agreement in principle on a financing package that includes a new $400 million bank credit facility underwritten by Chemical Bank and Bankers Trust Co.
The proceeds will be used to prepay a portion of an existing Container Corp. bank facility. Final terms and conditions await a definitive agreement.
Also announced was a $400 million common equity investment by certain stockholders and the repurchase of about $200 million of Container Corp. subordinated debt at a premium.
The briefs were compiled from staff and wire reports.