Cellu Tissue to draw on existing credit facility for CityForest purchase

By Sara Rosenberg

New York, March 1 - Cellu Tissue Holdings Inc. plans to use borrowings under its existing credit facility, as well as newly issued bonds and cash on hand, to fund the acquisition of CityForest Corp., according to a company news release.

The transaction, which is subject to customary conditions, including the approval of CityForest stockholders, is expected to close before March 31.

Cellu Tissue is an Alpharetta, Ga., manufacturer and marketer of specialty tissue hard rolls and machine-glazed paper. CityForest is a Ladysmith, Wis., manufacturer of tissue paper parent rolls.

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