Klöckner Pentaplast on road with 180 million euros senior notes

By Paul A. Harris

St. Louis, Mo., Jan. 28 - Klöckner Pentaplast GmbH currently has a roadshow under way for an offering of €180 million senior notes, according to market sources and a source from the company.

The notes possibly have a seven-year maturity and will be callable, according to a company spokesman.

Deutsche Banc Alex. Brown and Credit Suisse First Boston were identified by a market source as underwriters although this could not be confirmed late in Monday's session.

"It's being underwritten out of the European market," Klockner Pentaplast of America chief financial officer Chuck Delanoy told Prospect News on Monday.

Proceeds from the offering will be used to help finance the acquisition of Klockner Pentaplast by private equity firm Cinven, Delanoy said, adding: "It was sold a month ago from Klockner Werke AG, which owns the Pentaplast group."

Klöckner Pentaplast of America, Inc. is headquartered in Gordonsville, Va., Klöckner Pentaplast GmbH is headquartered in Montabaur, Germany, and Klöckner-Werke AG is headquartered in Duisburg, Germany.

The company's product line includes vinyl, polyester, and PVDC-coated films for pharmaceuticals, medical devices, food, electronics, and general-purpose thermoform packaging, as well as printing and specialty applications, according to a press release.

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