NEW YORK (Standard&Poor's) May 9, 2007--Standard&Poor's Ratings Services said today that it assigned its bank loan and recovery ratings to the amended and restated term loan facilities of Appleton Papers Inc. based on preliminary terms and conditions. The proposed financing consists of a $225 million first-lien term loan and a $150 million revolving credit facility. The facilities are rated 'BB', one notch higher than the corporate credit rating, with a recovery rating of '1', indicating our expectation of full recovery of principal in the event of a payment default. (For the complete recovery analysis, see Standard&Poor's recovery report to be published on RatingsDirect immediately following the release of this report.) Appleton will use proceeds
