Key Plastics starts roadshow for $115 million six-year notes

By Paul A. Harris

St. Louis, Feb. 12 - Key Plastics Finance Corp. started a roadshow on Monday for its $115 million offering of six-year senior secured notes (B2/B), according to an informed source.

The roadshow is scheduled to conclude on Feb. 23.

Jefferies & Co. has the books for the Rule 144A and Regulation S offering.

The notes will be callable with a make-whole call at Treasuries plus 50 basis points for the first three years, after which they will become callable at a premium.

In addition the notes will come with a three-year 35% equity clawback and a change-of-control put at 101.

Proceeds together with an equity contribution from an affiliate of Ewing Management Group will be used to refinance debt and for general corporate purposes.

The prospective issuer is a wholly owned subsidiary of Key Plastics LLC, a Detroit-based supplier of highly engineered and value-added plastic components and functional assemblies to original equipment manufacturers of light vehicles.

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