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Portola Packaging to obtain $53m credit facility from GE Capital

US-based designer, manufacturer and marketer of tamper-evident plastic closures, Portola Packaging has selected GE Capital as the administrative agent for a $53m cash flow credit facility.

The loan supports the company’s recapitalization. GE Capital Markets served as lead arranger.

Portola Packaging senior vice president and chief financial officer Glenn Fish said that this commitment to Portola will help the firm to make a considerable improvement in the capital structure.

“This new facility will provide us with greater flexibility and liquidity to execute our business plans and continue to improve our operational performance,” he added.

Portola is a portfolio company of Wayzata Investment Partners.