Plastipak starts roadshow for $300 million eight-year notes; pricing expected Wednesday

By Paul A. Harris

Portland, Ore., Sept. 23 - Plastipak Holdings Inc. began a brief roadshow on Monday for its $300 million offering of eight-year senior notes (existing ratings Caa1/B), according to a syndicate source.

The deal is expected to price on Wednesday.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC, RBS Securities Inc., BofA Merrill Lynch and Goldman Sachs & Co. are the joint bookrunners. KeyBanc Capital Markets Inc. is the co-manager.

The Rule 144A and Regulation S for life notes become callable in three years at par plus 75% of the coupon.

The Plymouth, Mich.-based manufacturer of plastic packaging containers plans to use the proceeds to fund the tender for its 10 5/8% senior notes due 2019 and for general corporate purposes.

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