Badger Paper Mills, Inc. Announces Completion of Long Term Debt Refinancing.
PESHTIGO, Wis.--(BUSINESS WIRE)--Dec. 3, 2001
Badger Paper Mills, Inc. (Nasdaq Small-Cap: BPMI) announced today that it has successfully completed the refinancing of its long-term debt. Badger's Chief Executive Officer, Robert Olah reported: "Improved operating performance in the first three quarters of 2001 has allowed the Company to secure a long term debt structure that provides a platform for the continued implementation of our strategy to focus on specialty papers in niche markets. The refinancing of the Company's debt is an important step in the strategic plan to transform Badger Paper to a market driven company. It provides stability and confidence to our customers in establishing a business relationship with us."
The new debt facility includes $5,000,000 term debt from Wisconsin Business Bank with support from Rural Development Authority, $15,000,000 working capital facility from PNC Business Credit and $1,690,000 from The City of Peshtigo through an Urban Development Action Grant.
William Peters, Chief Financial Officer stated: "Badger is excited to partner with its new lending sources as the Company moves toward its goal of becoming a leading manufacturer and marketer of specialty papers. The debt package illustrates the strength of collaboration between business and government to achieve a common goal."
Badger Paper manufactures flexible packaging and specialty papers for customers throughout North America.
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|Date:||Dec 3, 2001|
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