Bank of America, N.A. announces new senior secured asset-based lending revolving credit facility in favour of Veritiv Group - Unisource

July 1, 2014

Client: Bank of America, N.A.

On July 1, 2014, Veritiv Corporation, xpedx Intermediate, LLC, xpedx, LLC, Unisource Canada, Inc. and certain of their subsidiaries (collectively the “Veritiv Group”), entered into a senior secured asset-based revolving credit facility in the principal amount of U.S.$1,400,000,000. The facility is agented by Bank of America, N.A, as Administrative Agent and ABL Collateral Agent.

The financing occurred contemporaneously with the completed spinoff by International Paper (NYSE: IP) of its distribution solutions business, xpedx, and xpedx's merger with Unisource. The combined companies now operate as Veritiv Corporation.

The Unisource group of companies is the leading independent marketer and distributor of commercial printing and business imaging papers, packaging systems, and facility supplies and equipment in North America. The formation of the Veritiv Group is expected to create significant value for the company.

Norton Rose Fulbright Canada LLP represented Bank of America in Canada with a team consisting of Arnold Cohen, Martin Rochette and Amanda Fortuna.