Pliant to sell $225 million five-year discount notes

By Paul A. Harris

St. Louis, Jan. 26 - Pliant Corp. intends to sell $225 million of five-year senior secured discount notes, market sources said.

Pricing is expected on Feb. 5 or Feb. 6.

JP Morgan, Deutsche Bank Securities and Credit Suisse First Boston are underwriters of the Rule 144A offering.

The notes will come with three years of call protection.

Pliant plans to use proceeds to prepay about $220 million of term bank debt.

The company, formerly known as Huntsman Packaging Corp., is a Schaumburg, Ill., producer of value-added film and flexible packaging products for personal care, medical, food, industrial and agricultural markets.

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