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Norampac refinances, acquires Instabox

Norampac Inc. recently found itself in an ironic position as the company has undertaken a series of transactions to…

Norampac Inc. recently found itself in an ironic position as the company has undertaken a series of transactions to refinance all of its outstanding credit facilities and credit lines substantially, while entering into an agreement to acquire a 30-year-old company.
Norampac acquires the assets of Saskatoon-based Instabox Saskatchewan Inc., which operates a corrugated product converting plant.
The company also agreed to sell $250 million US principal amount of senior notes due in 2013 in a private placement. The notes will bear interest at 6.75% a year.