Unisource completes $575 million credit facility

Unisource Worldwide, a distributor of paper, packaging and facility supplies in North America, has successfully entered into a new senior-secured revolving credit facility.

The new facility is led by Banc of America Securities, Wells Fargo Foothill and GE Capital Markets.

It provides for up to $575 million of borrowings with a scheduled maturity date of August 2012.

The agreement also provides additional liquidity to Unisource by allowing the company to increase the size of the facility up to $700 million.

"Our new credit facility provides us with significant liquidity to pursue acquisitions and strengthens our capability to expand our operations outside North America," says Al Dragone, Unisource CEO.