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Kloeckner talks €300 million five-year notes to yield in 7¼% area; pricing Tuesday
By Paul A. Harris
Portland, Ore., April 20 – German plastic packaging company Kloeckner Pentaplast talked a €300 million offering of five-year senior notes (expected ratings Caa1/CCC+) to yield in the 7¼% area, according to a market source.
The deal is set to price Tuesday.
Credit Suisse is the left lead. Barclays, Deutsche Bank and Jefferies are the joint bookrunners.
The notes come with three years of call protection.
The Montabaur, Germany-based company plans to use the proceeds to fund tenders for the Kleopatra Holdings 1 €264.74 million of 10¼%/11% senior PIK notes due 2017 and the KP Germany Erste GmbH €255 million of 11 5/8% senior secured notes due 2017.
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