Official Board Markets articles from March 2009

Official Board Markets archives from March 2009

Should you buy new or renew?(COVERED AT CHICAGO TAPPI MEETING)
March 7, 2009... A very tough economy isn't stopping corrugated box plants from making and selling boxes. But now more than ever their customers can demand perfection in quality and delivery. If quality complaints start coming in, these plants have to look at...

Transacted containerboard prices.
March 7, 2009... Transacted Containerboard Prices Average transacted price levels are tabulated by obtaining paid prices from independent converters purchasing linerboard and medium. All prices are intended as a reference standard only. Transactions may...

SSCC expects $2.8 billion loss.
March 7, 2009... Smurfit-Stone Container Corp. (SSCC), Chicago, expects to report a net loss of $2.84 billion, on sales of $1.53 billion for the fourth quarter ended Dec. 31. The company will recognize in the fourth quarter of 2008 non-cash charges of $2.76...

MVW halts expansion plans.(GRANT MONEY TIED TO JOB CREATION)
March 7, 2009... MeadWestvaco (MWV), Richmond, Va., has dropped its expansion plans for a Raleigh, N.C. campus of North Carolina State University, and is renegotiating its state incentives package to open an operation in Garner, N.C., the Triangle Business...

SSCC eliminates 16 jobs.(IN LEXINGTON, N.C.)
March 7, 2009... Smurfit-Stone Container Corp., (SSCC), Chicago, recently let go of 12 hourly and four temporary employees at its Lexington, N.C., corrugated container plant, The Dispatch reports. The company says the layoffs were due to market conditions....

Chesapeake creditors want investigation.(FILED MOTION IN COURT)
March 7, 2009... Unsecured creditors of bankrupt paperboard and plastic packaging maker Chesapeake Corp., Richmond, Va., want to investigate the company's proposed sale, Reuters reports. According to court filings, they are saying they had reservations as to...

SupplyOne acquires Alpak.(IN CHESAPEAKE AND SUFFOLK)(Alpak Container Corp.)(Brief article)
March 7, 2009... SupplyOne, Inc., Devon, Pa., acquired Alpak Container Corp., based in Chesapeake, Va., and its operations in Suffolk, Va., operating as Pak-Al. Terms were not disclosed. AlpakCorp. was founded by Gary Pirko in 1983. In 1989, Pirko and Wayne...

Disc Graphics creates sophisticated carton.(FOR HAIR PRODUCT LINE)
March 7, 2009... Disc Graphics, Hauppauge N.Y., has developed a folding carton for a new product line developed by hair products company Oribe. It's printed on the uncoated side of paperboard with a special cream-colored flood coat. Edge stripes are...

GPI purchases Woodward Jogger Aerator.(TRADE-IN SAVES MONEY)(Graphic Packaging International Corp.)(Brief article)
March 7, 2009... Graphic Packaging International's (GPI) consumer packaging plant in Pacific, Mo., has purchased a completely rebuilt Woodward Jogger Aerator model P5468 from the Brick, N.J.-based company. This unit replaces a Woodward unit currently at the...

White Pigeon workers go on strike.(80 USW MEMBERS)
March 7, 2009... About 80 members of the United Steelworkers Union (USW) walked off the job last week at White Pigeon Paper Co., White Pigeon, Mich., after failing to reach an agreement on a new labor pact with the company, the Kalamazoo Gazette reports. ...

IP and PCA reduce dividends.(TAKING PRECAUTIONS)
March 7, 2009... The boards of directors at International Paper (IP), Memphis, Tenn., and Packaging Corp. of America (PCA), Lake Forest, Ill., have reduced their company's quarterly common stock dividends. IP's dividend was reduced from 25 cents per share to...

AICC's early bird registration deadline approaches.(RESERVE SPOT BY MARCH 13)
March 7, 2009... The Association of Independent Corrugated Converters' (AICC) 2009 Spring Meeting & Corrugated Industry Fly-In is being held April 1-3 in Washington, D.C. AICC's "early bird" registration deadline is March 13. AICC members are encouraged to take...

Total containerboard inventories slip.(AF&PA REPORTS)
March 7, 2009... Total containerboard inventories dropped 2.3 percent between the end of December 2008 and the end of January 2009, the American Forest & Paper Association (AF&PA) reports. Specifically, they went from 2,493,600 tons at the end of last December...

Flint Group reorganizes its structure.(FOR BETTER CUSTOMER ACCESS)(Brief article)
March 7, 2009... Flint Group, Luxembourg, has a new organizational structure aimed at enabling customers to have full access to the company's broad product portfolio through a single sales contact, supported by in-depth technical support. This will align the...

Average sheet prices.(Statistical table)(Brief article)
March 7, 2009... Average Sheet Prices Based upon a survey of sheet plants. Per 1000 sq. ft., 25,000 sq. ft. single item orders, including delivery charges. Southeast/ East South North...

Paperboard mill performance.
March 7, 2009... Paperboard Mill Performance U.S. paperboard production by furnish, current and cumulative totals in 1000 short tons, as reported by the American Forest & Paper Association. Unbleached ...

Producer price indexes--1982=100.(Statistical table)(Brief article)
March 7, 2009... Producer Price Indexes--1982=100 Year Nov Dec 2007/2008 2008 2008 Total Paperboard 201.7/217.8 229.3 228.8 Total Paper & Paperboard ...

Transacted paper stock prices--low grades.
March 7, 2009... Transacted Paper Stock Prices--Low Grades Mixed Boxboard Paper Cuttings News News (1) (4) (6) (8) Chicago ...

Low generation causes OCC price increases.(MARKET REPORT)(old corrugated cartons)(Market overview)
March 7, 2009... Current OCC demand right now can only be categorized as strange. It even varies within a single region. With the world in a severe recession, you would think that rising prices would be out of the question. U.S. manufacturing is in a slump, so...

Transacted paper stock prices--high grades.
March 7, 2009... Transacted Paper Stock Prices--High Grades For detailed chart explanation, see page 11 White Coated New DLK News Soft Wht. Cuttings...

Drake renews contract with Futura.(FOR FIFTH YEAR)
March 7, 2009... The Drake Company, Houston, Texas, has renewed its Managed Information Technology (IT) services contract and celebrates five years of service with Futura, Fort Washington, Pa. The company says that Futura has saved it time and money and has...

Caraustar, Clearwater and GPH report losses.(2008 RESULTS)
March 7, 2009... Caraustar Industries Inc., Austell, Ga., had a net loss of $98.7 million for the year ended Dec. 31, 2008, compared with a net loss of $24.5 million a year earlier. Annual sales dipped 4 percent to $819.7 million. The results for 2008 include...

Transacted paper stock prices export/low grades.
March 7, 2009... Transacted Paper Stock Prices Export/Low Grades All prices are Port FAS Mixed Paper News OCC (1) (8) (11) Chicago $18-21 (-14)...

Tyoga selects NewBiz from Amtech.(FOR SALES AND CUSTOMERS)
March 7, 2009... Tyoga Container, Tioga, Pa., has purchased NewBiz, Amtech's box industry sales software module. NewBiz Lite provides a sales software solution combining industry standard tools with a Microsoft Outlook platform. NewBiz Lite is comprised of two...

Transacted boxboard prices.
March 7, 2009... Transacted Boxboard Prices The prices tabulated here are intended only as a reference standard to the current levels commonly prevailing in a representative proportion of the U.S. contract transactions. The prices listed do not...

Graphic Technologies chooses Bobst.(FOR PRESS AND FOLDER-GLUER)
March 7, 2009... Graphic Technologies, Niles, Ill., recently added a Bobst VisionFoil 104 hot foil stamping press and a Bobst VisionFold 110-A2 CS high speed folder-gluer to its Chicago-metro area finishing facility. The first to be installed in North America,...

HIFLEX webshop.(Product Update)(Brief article)
March 7, 2009... A new online portal, www.box shop24.com, has opened a HIFLEX webshop for high-quality folding cartons. boxshop24.com is an online supplier of special print products. HIFLEX GmbH, Aachen, Germany, has now created the first Web2Print storefront...

House Minority Leader to address FBA.(DURING LUNCHEON MARCH 31)
March 7, 2009... House Minority Leader John Boehner of the Eighth Congressional District of Ohio is set to address the Fibre Box Association (FBA) March 31. Boehner's address will be part of the ceremonial luncheon at the 2009 FBA Annual Meeting to be held at...

Workers return to IP linerboard mill.(AFTER SIX-WEEK SHUTDOWN)
March 7, 2009... International Paper (IP), Memphis, Tenn., is ending six weeks of market-related shutdown of its No. 5 paper machine at its linerboard mill in Pineville, La., The Town Talk, Alexandria, La., reports. The idled 180 workers were back at work March...

ARC International.(People Update)
March 7, 2009... Jonathan Chamberlain is the new territory business manager covering the southeast territory for ARC International, Charlotte, N.C. He brings to the position 11 years of outside sales experience, with more than nine of those years as a direct...

Obituary.(Southern Carton Co's James Kennedy)(Obituary)(Brief article)
March 7, 2009... James Kennedy, 88, of Lewisburg, Tenn., died Feb. 28 at his home. In 1962, he accepted the position of director of quality control at Heil Quaker. He went on to become plant manager but, in 1977, took early retirement to start his own business,...

ICPF holds teleconference.(STUDENT DESIGN COMPETITION)
March 7, 2009... The International Corrugated Packaging Foundation's (ICPF) tenth annual Careers in Corrugated Teleconference was broadcast live from Michigan State University Studios Feb. 25 to packaging science and graphic design schools participating from 17...

30[degrees] Hexagon Channeling.(Product Update)
March 7, 2009... Harper Corp. of America celebrates the 10th anniversary of its proprietary 30[degrees] Hexagon Channeling technology with a new informational guide about the anilox roll's benefits. First introduced in 1999, the company's 30[degrees] Hexagon...

TAPPI.(People Update)(Technical Association of the Pulp and Paper Industry)(Packaging Corp. of America's John Martin, Norman Marsolan, Jr., Thomas Rodencal)(Brief article)
March 7, 2009... TAPPI will recognize seven outstanding professionals for their contributions to TAPPI, and to the pulp, paper, and packaging industries, by awarding them the designation of TAPPI Fellow. The designation is an honorary title given to individuals...

Gearing up for Washington.
March 14, 2009... In just two weeks, corrugated box industry professionals will travel to the nation's capital. But it won't be much of a vacation. These men and women will be hard at work as they gear up to tackle the issues. To prepare, they will first be...

Transacted containerboard prices.
March 14, 2009... Transacted Containerboard Prices Average transacted price levels are tabulated by obtaining paid prices from independent converters purchasing linerboard and medium. All prices are intended as a reference standard only. Transactions...

Minas Basin halts linerboard production.
March 14, 2009... Minas Basin Pulp and Power Co. Ltd. in Hantsport, Nova Scotia, has temporarily halted linerboard production for about three weeks to cut costs, The Chronicle Herald reports. About 100 workers are affected. The shutdown began Feb. 28. The...

CDS to open corrugated container plant.
March 14, 2009... Container Design & Solutions LLC (CDS), a newly formed corrugated container and custom packaging company, will locate its operations in Greenville, S.C., Area Development Online reports. The company, a sister operation to Progressive...

Smurfit Kappa land seized by Chavez.(3,700 ACRES IN VENEZUELA)(Hugo Chavez)(Brief article)
March 14, 2009... Venezuelan President Hugo Chavez has seized land belonging to Irish packaging giant tycoon Michael Smurfit, Telegraph.co.uk reports. His government announced it had taken control of 3,700 acres owned by the Dublin-based Smurfit Kappa Group. The...

SSCC workers not offered severance.(AT MISSOURI BOX PLANT)
March 14, 2009... Union workers at Chicago-based Smurfit-Stone Container Corp.'s (SSCC) St. Joseph, Mo., box plant, set to close April 7, have not been offered severance packages, the St. Joseph Press reports. Workers will qualify for federal unemployment +and...

SSCC lays off in Conn.(AT NEW HARTFORD BOX PLANT)
March 14, 2009... Smurfit-Stone Container Corp. (SSCC), Chicago, laid off 18 hourly employees and four salaried workers from its box plant in New Hartford, Conn., The Observer-Dispatch, Utica, N.Y., reports. The company says the layoffs were part of a three-year...

Removing 'human bias'.(AUTOMATION BRINGS PRODUCTION IMPROVEMENTS)
March 14, 2009... Jan. 15 at about 3:25 p.m. US Airways Flight 1549 rolled down New York's La Guardia Airport runway number 4 and executed an uneventful "wheels up." Five minutes later, the flight ditched intact into the middle of the Hudson River. As a nation,...

Abbott-action upgrades Solarsoft software.(TO HRMS GEN/2)
March 14, 2009... Abbott-Action Inc., Canton, Mass., has upgraded to the latest version of Vancouver, British Columbia-based Solarsofr Business Systems' business software for corrugated packaging manufacturers, HRMS Gen/2. In upgrading to HRMS Gen/2 from a much...

Shorewood receives chain-of-custody certification.(AT THREE PLANTS)(Shorewood Packaging Co.)(Brief article)
March 14, 2009... Shorewood Packaging, New York, a business of International Paper, has received Chain-of-Custody Certification (COC) from three internationally recognized certification standards--the Forest Stewardship Council (FSC), Sustainable Forest1T...

David Cutler and Northstar join forces.(NEW RECYCLING OPERATION)(David Cutler Industries)(Northstar Recycling Group)(Brief article)
March 14, 2009... David Cutler Industries, Plymouth Meeting, Pa., and Northstar Recycling Group, Springfield, Mass., are creating a new recycling operation in Philadelphia. The two companies will consolidate their processing operations at a plant that David...

Paper Packaging Canada to hold first conference.(IN MISSISSAUGA, ONTARIO)(Conference news)
March 14, 2009... Paper Packaging Canada will hold its first conference and trade fair Sept. 10 at the Mississauga Convention Center, Mississauga, Ontario, entitled "Turning the Curve." The intention is to grow this event into an annual meeting and showcase for...

DS Smith proposes linerboard machine shutdown.(IN THE UNITED KINGDOM)
March 14, 2009... DS Smith's U.K. paper division, St. Regis, has proposed closing its no. 1 paper machine (PM1) at its Kemsley mill. PM1 produces approximately 83,000 tons of linerboard per year. It is proposed that the closure will be implemented by the end of...

Nine Dragons buyback offer complete.($165 MILLION TENDERED)(Nine Dragons Paper Industries Company Ltd.)(Brief article)
March 14, 2009... Nine Dragons Paper (Holdings) Ltd., China, says investors holding 58 percent of its dollar bonds agreed to sell the debt back at a discount, Bloomberg reports. Bondholders tendered $165 million of 7.875 percent notes due 2013 under the offer....

SMC packaging achieves SFC certification.(AT THREE BOX PLANTS)
March 14, 2009... SMC Packaging Group has achieved Sustainable Forestry Initiative (SFI) certification for its box plants in Springfield, Mo., (Southern Missouri Containers), Kansas City, Mo., (Arrowhead Containers), and Conway, Ark., (Wonder State Box). To...

CRI supports Cal Poly students in competition.(FFTA FORUM IN ORLANDO)(Color Resolutions International)(California Polytechnic State University )(Brief article)
March 14, 2009... Five students from California Polytechnic State University will test their problem solving skills in this year's Phoenix Challenge College Competition. Color Resolutions International (CRI), Cincinnati, donated $2,500 to help the Cal Poly...

Transacted paper stock prices--low grades.
March 14, 2009... Transacted Paper Stock Prices--Low Grades Mixed Boxboard Paper Cuttings News News (1) (4) (6) (B) Chicago ...

Can containerboard industry right itself?(TOUGH QUESTIONS, NO EASY ANSWERS)
March 14, 2009... Earlier this month Deutsche Bank and paper industry consultancy firm RISI held a conference call to discuss the changing containerboard cost curve. It examined how recent swings in exchange rates, raw material costs, and other variables have...

Calif. and Ore. propose EPR legislation.(WASTE RESPONSIBILITY SHIFT)(extended producer responsibility)(Brief article)
March 14, 2009... Extended producer responsibility (EPR) or product stewardship is gaining momentum in two states. California and Oregon recently introduced "framework" EPR legislation. EPR policies internalize product lifecycle impacts into product prices to...

GNC pledges $50,000 to ICPF.(CORRALLIANCE PARTNER)
March 14, 2009... The International Corrugated Packaging Foundation's (ICPF) new CorrAlliance Partner, Great Northern Corp. (GNC), Appleton, Wis., has pledged $50,000 in support of the foundation. GNC is one of the nation's largest independent producers of...

GPA holds annual meeting.(IN ROCHESTER AND MEXICO)
March 14, 2009... The Global Packaging Alliance (GPA) held its annual meeting in the U.S. and Mexico during the week of Jan. 19. The yearly event provided an opportunity for members all over the world to discuss strategies and goals for the upcoming year. GPA...

Transacted paper stock prices--high grades.
March 14, 2009... Transacted Paper Stock Prices--High Grades For detailed chart explanation, see page 11 White Coated New DLK News Soft Wht. Cuttings...

White Pigeon workers offer to return.(CONTRACT NEGOTIATIONS CONTINUE)
March 14, 2009... Workers who walked off the job March 1 at paperboard manufacturer White Pigeon Paper Co., White Pigeon, Mich., have offered to return to work and continue negotiating a new contract, the Kalamazoo Gazette reports. The 80 employees, represented...

Stand Fast installs new diecutter.(BY MARUMATSU)(Stand Fast Packaging Products)(Brief article)
March 14, 2009... Stand Fast Packaging Products, Addison, I11., has recently installed a new 43- by 63-in. Marumatsu Vantage diecutter from Hitek Equipment, Kenosha, Wis. This is the third installation of the diecutter in North America. Part of the reason the...

Menasha earns SFI certification.(FIBER SOURCING STANDARD)
March 14, 2009... Menasha Packaging, Neenah, Wis., has earned certification to the Sustainable Forestry Initiative (SFI) fiber-sourcing standard. By achieving SFI certification, the company joins a growing number of companies, landowners and social and...

Transacted paper stock prices: export/low grades.
March 14, 2009... Transacted Paper Stock Prices Export/Low Grades All prices are Port FAS Mixed Paper News OCC Chicago $18-21 (-14) 50-53 (-5) 54-57 (-8) New York ...

Huston Patterson Corp.(People Update)
March 14, 2009... Huston Patterson Corp., Decatur, Ill., names Steve Garceau as client services manager serving the Canadian market. He previously served in management positions for area bars and restaurants.

How Universal resolved its nightmare.(CLEAR COMMUNICATIONS)(Universal Container Corp.)(Viking Paper)
March 14, 2009... Several years ago, the management team at Universal Container (UC) in Detroit agreed to consolidate IT services with some of its suppliers and partners. It seemed like a good move to have a few servers centrally located and managed to reduce...

Dual knife rotary cutter.(Product Update)
March 14, 2009... Maxson Automatic Machinery Co., Westerly R.I., offers an affordable sheeter model with dual knife rotary cutter technology for printing and converting operations. The design employs a high-speed cutter with a delivery system that includes a...

Millersville to hold dedication ceremony.(FOR ICPF DONATION)
March 14, 2009... A dedication ceremony will be held at Millersville University in Lancaster, Pa., April 9. It is in honor of the Gerber Innovations DT9066 Samplemaker Table with 25 seats of ArtiosCAD software installed this past semester to jumpstart the new...

Longview Fibre Paper and Packaging, Inc.(People Update)
March 14, 2009... Sean Kharche is no longer with Longview Fibre Paper and Packaging, Inc., Longview, Wash. He joined the company at the end of September 2008 as vice president of marketing and sales. Longview has begun the search to fill the vacant position.

Obituary.(Obituary)
March 14, 2009... William "Jeff" West, 51, longtime corrugated container industry veteran, died unexpectedly from post surgery complications on March 8 in Asheville, N.C. West began his career in December 1982 as a sales representative for Custom Packaging, Inc....

Be great at what you do: CEO Jim Rubright tells how Rock-Tenn strengthened its focus and created value.(HEARD AT PPC SPRING MEETING)
March 21, 2009... When Jim Rubright joined Rock-Tenn in 1999 as its ceo, he started running a company who's stock had been stagnant. Being new to the folding carton industry, he received plenty of advice. That advice included: packaging companies trade at...

Transacted containerboard prices.
March 21, 2009... Average transacted price levels are tabulated by obtaining paid prices from independent converters purchasing linerboard and medium. All prices are intended as a reference standard only. Transactions may be concluded at any time at any price...

AF&PA seeks funds for paper recovery.
March 21, 2009... The American Forest & Paper Association (AF&PA) has called on U.S. Secretary of Energy Steven Chu to help support America's recycling efforts with funds from the Department of Energy's share of the recent stimulus bill, the American Recovery...

Pratt begins trial runs at new mill.(PRODUCING CONTAINERBOARD)
March 21, 2009... Pratt Industries, Conyers, Ga., has successfully started up a paper machine for lightweight recycled linerboard and corrugating medium at its new greenfield mill in Shreveport, La. The new machine, built by Italian paper machine builder Over...

P&G Packaging files for Chapter 11.(SIX LAWSUITS, $1.7 MILLION IN DEBT)
March 21, 2009... P&G Packaging Inc., Scotia, N.Y., has filed for Chapter 11 bankruptcy protection. The packaging supplies broker was weighed down by $1.7 million in debt and six breach-of-contract lawsuits, The Business Review reports. The company lists no...

Amcor and CHH merger talks speculated.(DELAYS LINERBOARD MILL PLANS)
March 21, 2009... Australia's Amcor Ltd. has delayed construction of a recycled linerboard mill in Sydney, Australia, due to falling demand. The news revives speculation that Amcor's Australian corrugated box and paper business and Carter Holt Harvey Ltd. (CHH),...

ABI Website offers recession advice.(PROVIDES GROWTH STRATEGIES)
March 21, 2009... ABI, New York City, has a new resource to help companies develop growth strategies during the current recession. The resource offers proven tactics and strategies that help companies discover opportunities and build sales. The site,...

Strong and safe.(Product Update)(FlexoCleaners.com)(Brief article)
March 21, 2009... FlexoCleaners.com, Bellport, N.Y., launches its most powerful product line, Strong and Safe, with a free introductory five-product sample gift pack. The product line improves printing efficiency and reduces replacement purchase costs, all while...

SSCC closes Ohio box plant.(83 JOBS LOST)
March 21, 2009... Smurfit-Stone Container Corp. (SSCC), Chicago, will close its Mansfield, Ohio, box plant in the spring, resulting in the loss of 21 salaried and 62 hourly jobs, the Mansfield News Journal reports. Employees found out on March 17 that the...

OBM's editor speaks at ACRI.(IN LA)
March 21, 2009... On March 11, Mark Arzoumanian, editor-in-chief, Official Board Markets, talked about his methodology for gathering recovered paper prices and the state of the paper recycling industry at an Association of California Recycling Industries (ACRI)...

Chesapeake seeks approval of sale.(ONLY ONE BIDDER)
March 21, 2009... Chesapeake Corp., Richmond, Va., has received no qualifying bids to compete with an offer to acquire all of its operating businesses submitted by a group of investors, including affiliates of Irving Place Capital Management, L.P. and Oaktree...

Sonoco to close Ohio paperboard mill.(150,000 TONS ELIMINATED)
March 21, 2009... Sonoco, Hartsville, S.C., will permanently close its Lancaster, Ohio, uncoated recycled paperboard mill on May 16. The mill has the capacity to annually produce approximately 56,000 tons of paperboard, which has been used primarily to supply...

Box shipments take a dive.(FBA REPORTS)
March 21, 2009... Last month, industry shipments of corrugated products dove 12.7 percent on an actual basis, reports the Fibre Box Association (FBA), Chicago. Even when accounting for one less shipping day they still fell 8.3 percent (on an average week basis)....

Fibre box shipments.(Statistical table)(Brief article)
March 21, 2009... Fibre Box Shipments United States corrugated/solid fibre product shipments, in billion square feet, as reported by the Fibre Box Association. Corrugated/ Solid Fibre...

U.S. containerboard statistics.
March 21, 2009... U.S. Containerboard Statistics February 2009 Data (000's) Change Short Tons, Except Compared to: As Noted ...

AICC offers supervisor training classes.(INCLUDES PLANT TOUR)
March 21, 2009... The Association of Independent Corrugated Converters (AICC) will hold a basic supervisor training class April 21-22 and an advanced supervisor training class April 23-24 in Kalamazoo, Mich. Both classes include a plant tour at Arvco Container....

Norampac corrugated medium mill not closing.(PLANS FOR BARK BOILER)
March 21, 2009... A senior Norampac official is denying reports that the company's Trenton, Ontario, corrugated medium mill is shutting down, The Intelligencer reports. Although President and CEO Marc Andre Depin would not be interviewed, he said through a...

IP refinances $470 million loan.(PAYS OFF DEBTS)
March 21, 2009... International Paper (IP), Memphis, Tenn., raised approximately $470 million from a syndicate of banks to refinance the majority of its approximately $650 million bank term loan, which had a maturity date of August 2009. The new term loan...