Berlin Packaging to launch $220 million credit facility on Thursday

By Sara Rosenberg

New York, July 24 - Berlin Packaging LLC is scheduled to hold a bank meeting on Thursday to launch its proposed $220 million credit facility, according to a market source.

Bank of America is the lead bank on the deal.

Proceeds will be used to help fund Investcorp's acquisition of a majority ownership interest in the company from Andrew T. Berlin, president and chief executive officer, and Melvin Berlin, co-owner and chairman. Berlin, who remains CEO, will also assume the title of chairman and will invest a substantial amount of equity in the transaction.

Berlin Packaging is a Chicago-based supplier of glass, plastic and metal containers and closures.

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