February 23, 2018 11:29 PM ET

Paper and Forest Products

Company Overview of Paperweight Development Corp.

Company Overview

Paperweight Development Corp., through its subsidiary, Appvion, Inc., manufactures and sells coated and specialty paper products in the United States and internationally. It operates in two segments, Thermal Papers and Carbonless Papers. The Thermal Papers segment develops, produces, and sells substrates to printers and converters, specialty printing companies, and companies who resell them to label printers. This segment offers thermal papers used in point-of-sale products for retail receipts and coupons; labels for shipping, warehousing, medical, and clean-room applications; tags and tickets for airline and baggage applications, event and transportation tickets, and lottery and gaming appl...

825 East Wisconsin Avenue

PO Box 359

Appleton, WI 54912

United States

Founded in 1907

1,402 Employees

Phone:

920-734-9841

Key Executives for Paperweight Development Corp.

CEO, President, Director, CEO of Appvion, Inc and President of Appvion
Age: 50
Vice President of Finance
Age: 48
Senior Vice President of Administration, General Counsel and Secretary
Age: 45
Senior Vice President of Sales, Marketing and Research & Development - Appvion
Age: 43
Vice President of Supply Chain - Appvion
Age: 46
Compensation as of Fiscal Year 2017.

Paperweight Development Corp. Key Developments

Paperweight Development Corp. announced delayed 10-Q filing

On 11/15/2017, Paperweight Development Corp. announced that they will be unable to file their next 10-Q by the deadline required by the SEC.

Paperweight Development Corp. and Appvion, Inc. enters into the Second Amendment to Its Existing Superpriority Senior Debtor-In-Possession Credit Agreement

On October 31, 2017, Paperweight Development Corp. and Appvion, Inc. entered into the second amendment to its existing Superpriority Senior Debtor-in-Possession Credit Agreement, dated October 2, 2017, by and among, Appvion, the lenders party thereto, the backstop party thereto, Wilmington Trust, National Association, as administrative agent, and PJT Partners LP, as lead arranger, as amended by the First Amendment thereto, dated as of October 18, 2017. The Second Amendment amended the DIP Facility in order to (i) provide for a potential letter of credit and P-card facility, (ii) provide for syndication of certain loans, (iii) permit prepayments upon an event of default with the proceeds of a new debtor-in-possession credit facility provided at least in part by Appvion’s second-lien noteholders, subject to a prepayment penalty and an exit fee, (iv) extend certain bankruptcy case milestone dates, (v) eliminate the grace period on events of default related to failure to comply with certain bankruptcy-related covenants, and (vi) provide that, after the occurrence of an event of default under the DIP Facility, Appvion’s second lien noteholders and approved third-parties will have the right to purchase all of the obligations then outstanding under the DIP Facility; provided, that if any prepetition first lien obligations remain outstanding, the obligations purchased by the second lien holders will be subordinate to such prepetition first lien obligations.

Final DIP Financing Approved for Appvion, Inc.

The US Bankruptcy Court gave an order to Appvion, Inc. to obtain DIP financing on a final basis October 31, 2017. As per the order, the debtor has been authorized to obtain a term loan in the amount of $325.2 million from certain of the Prepetition First Lien Lenders with PJT Partners LP, as sole lead arranger, and Wilmington Trust, National Association, as administrative agent and collateral agent. The total facility consists of new money commitments in the aggregate principal amount of $85 million and a roll-up of existing loans under the Prepetition First Lien Facility in the aggregate principal amount of $240.2 million. With respect to the Roll-Up Loans, the Loans will bear interest at the same rate as under the Prepetition First Lien Credit Agreement. With respect to the New Money Loans, the Loans would either carry an interest rate of Base Rate plus 8.25% p.a., with a Base Rate floor of 2% p.a., or an alternate Eurodollar Rate plus 9.25% p.a., with a Eurodollar Rate floor of 1% p.a., and with respect to the Roll-Up Loans, Base Rate plus 5.50% p.a. with a Base Rate floor of 2.25% p.a. and Eurodollar Rate plus 6.50% p.a. During the continuance of an event of default, Loans will bear interest at an additional 2% per annum. As per the terms of the DIP agreement, the loan carries a commitment fee of 0.5% p.a., Upfront Fee of 2% of such Lender’s New Money Commitment under the DIP Facility, backstop fee in the amount of 2.675% of the Applicable Percentages of all Prepetition Lenders other than the Majority Lender of the New Money Commitments under the DIP Facility, arranger fee in the amount of 0.4875% of the New Money Commitments under the DIP Facility as set forth in the DIP Facility Documents on the Closing Date and exit fee equal to 1.5% of such Lender’s New Money Commitment under the DIP Facility on the Closing Date. The DIP facility would mature either on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.35 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral.

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