NEW YORK (Standard&Poor's) Sept. 24, 2001--Standard&Poor's today assigned its double-'B' corporate credit rating to Appleton Papers Inc. At the same time, Standard&Poor's assigned its double–'B' bank loan rating to the company's proposed $435 million senior secured bank credit facility. The outlook is stable. Employees of Appleton, through a newly formed Employee Stock Option Plan, are planning to acquire the company for $810 million from Arjo Wiggins Appleton, a U.K. paper producer. The purchase will be funded with cash, proceeds from the credit facility, about $105 million of equity, $175 million in subordinated debt, and a $140 million payment-in-kind seller note that accretes to $305 million over eight years. The ratings reflect Appleton Papers' leading
