Novolex readies launch of $1.24 billion credit facility for Thursday

By Sara Rosenberg

New York, Nov. 10 – Novolex, formerly Hilex Poly, is scheduled to hold a bank meeting on Thursday morning to launch a $1.24 billion credit facility, according to a market source.

The facility consists of a $125 million revolver, an $840 million first-lien term loan and a $275 million second-lien term loan, the source said.

GE Capital Markets, Deutsche Bank Securities Inc., BMO Capital Markets Corp. and Macquarie Capital (USA) Inc. are the leads on the deal, with GE the left lead on the first-lien debt and Deutsche the left lead on the second-lien loan.

Proceeds will be used to help fund the acquisition of Packaging Dynamics.

Novolex is a Hartsville, S.C.-based manufacturer of plastic bags and film products.

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