The largest producer of rigid plastic film for packaging purposes, Klockner Pentaplast, has set the price of Eur225 million in Senior PIK notes due on 2017 with an interst rate of 10.250% cash/11.000% PIK payable semi-annually.
The offering is expected to be completed by May 8, 2013 and the capital raised would be utilized to refinance its Preferred Equity Certificates. These PEC's were issued when the company was purchased back in June 2012 through a recapitalization buyout by a consortium of investors led by SVP Global. The remaining funds would be used to general corporate purposes and pay transactional fees and other related expenses.
The said notes would be offered to insitutional buyers qualified to make the purchase under the Rule 144A of the 1933 Securities Act as amended.
The company produces rigid plastic film for pharmaceutical, medical, food and other general purpose packaging. IT also provides printing and other specialty applications and packaging solutions for its growing clientele.
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