Printer Friendly

RIVERWOOD INTERNATIONAL CORPORATION RENEGOTIATES PRIVATE PLACEMENT DEBT

 ATLANTA, May 27 /PRNewswire/ -- Riverwood International Corporation (NYSE: RVW) announced today that it successfully completed the renegotiation of existing private debt totaling about $194 million. The renegotiation included the elimination of a Manville Corporation (NYSE: MVL) cross default and guarantee. Riverwood International Corporation also rescheduled approximately $63 million of 1993 and 1994 principal amortization payments to 1997. Manville Corporation presently owns 80.5 percent of Riverwood International Corporation's common stock.
 "We are pleased to conclude this renegotiation and view this development as consistent with our long-term financial objectives," said Frank R. McCauley, senior vice president, finance. "It removes the company's debt cross default ties to Manville Corporation, and also eliminates any significant principal repayments during the course of our major capital spending project at Macon, Georgia."
 Riverwood International Corporation is midway through a major, $250 million capital construction project at its Macon paper mill. Start-up of the new paper machine at Macon is on schedule for the second half of 1994.
 Riverwood International Corporation is a global machinery-based packaging systems and paper products company. At the end of 1992, the company employed more than 8,500 people worldwide and had sales of more than $1 billion and assets of approximately $2 billion. The company is headquartered in Atlanta and has seven major business operations spanning North America, Europe, Asia-Pacific, Central and South America.
 -0- 5/27/93
 /CONTACT: Jim Caverlee of Riverwood International Corporation, 404-644-3023/
 (RVW MVL)


CO: Riverwood International Corporation; Manville Corporation ST: Georgia IN: PAP CST SU:

MC -- DV001 -- 2759 05/27/93 08:01 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 27, 1993
Words:258
Previous Article:RISING ECONOMY BOOSTS MICHIGAN TRAVEL
Next Article:TRANSCOR WASTE SERVICES, INC. ANNOUNCES AWARD OF COLLECTION CONTRACT
Topics:


Related Articles
MANVILLE RESULTS IMPROVE FOR THE YEAR AND FOURTH QUARTER
RIVERWOOD INTERNATIONAL SHOWS IMPROVED OPERATING RESULTS FOR FOURTH QUARTER AND YEAR
RIVERWOOD INTERNATIONAL AND DANAPAK FORMING JOINT VENTURE FOR SCANDINAVIAN MARKET
RIVERWOOD INTERNATIONAL COMPLETES REFINANCING
RIVERWOOD INTERNATIONAL INSTALLS FIRST AUTOFLEX (TM) PACKAGING MACHINE AT COCA-COLA ENTERPRISES
RIVERWOOD INTERNATIONAL INSTALLS FIRST QUIKFLEX BP PACKAGING SYSTEM AT HEINEKEN
CLAYTON, DUBILIER & RICE LEADS INVESTOR GROUP IN PURCHASE OF RIVERWOOD INTERNATIONAL FOR $2.7 BILLION
RIVERWOOD INTERNATIONAL DECLARES COMMON STOCK DIVIDEND
CLAYTON, DUBILIER & RICE INVESTOR GROUP COMPLETES $2.7 BILLION RIVERWOOD INTERNATIONAL ACQUISITION
RIVERWOOD INTERNATIONAL PROMOTES NEW SENIOR VICE PRESIDENT, GENERAL COUNSEL AND TREASURER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters