Smurfit-Stone Granted $650 Million in Exit Financing

Smurfit-Stone Container Corp. (SCCC), headquartered in Chicago and Creve Coeur, Mo., has been granted a $650 million asset-based credit facility. Norwalk, Conn.-based GE Capital, Restructuring Finance, is co-collateral agent for the loan which supports the company’s exit from bankruptcy protection under a plan of reorganization. GE Capital Markets served as joint lead arranger.

“The combination of GE’s experience with paper and packaging companies and expertise in turnaround finance helped us advance our reorganization,” says Tim Griffith, vice president and treasurer of Smurfit-Stone. “We value our relationship with GE and their ability to continue to make significant financial commitments.”

“We’re dedicated to meeting the restructuring finance needs of mid-sized and large companies,” says Rob McMahon, managing director of GE Capital, Restructuring Finance. “Providing businesses with the critical liquidity to execute their objectives is our specialty.”