On March 2, 2015, Spicers Canada ULC (Spicers), a wholly owned subsidiary of Central National-Gottesman Inc. (NG), entered into a $65 million asset-based revolving credit facility. The credit facilities were made available by Bank of America, N.A. (Bank of America), as sole lead arranger and agent.
Simultaneously with the closing of the amended credit facilities, CNG completed the acquisition of the assets and business of Spicers Canada Limited, a Canadian distributor of fine paper, sign and display media, pursuant to the terms of an Asset Purchase Agreement dated February 10, 2015.
CNG is a $5 billion, global marketer of pulp, paper, tissue, packaging and plywood. Founded in 1886 and headquartered in Purchase, NY. CNG operates through established industry entities in its Distribution, Publishing Papers and International divisions, building on more than 125 years of family ownership, market knowledge and adaptability to create value for clients.