Kloeckner Pentaplast reprices term loan to Libor plus 450 bps

By Sara Rosenberg

New York, Nov. 1 - Kloeckner Pentaplast completed a repricing of its term loan to Libor plus 450 basis points from Libor plus 550 bps, according to a market source.

The loan still has a 1.25% Libor floor.

At close this summer, the term loan was sized at $435 million.

Existing lenders were paid down at 101 with the repricing, the source said.

The repricing was done on the backs of recent strong results and performance of the credit, the source explained.

Net leverage is below 2 times.

Jefferies & Co. is the lead bank on the deal.

Kloeckner is a Montabaur, Germany-based producer of films for pharmaceutical, medical device, food, electronics and general-purpose thermoform packaging, as well as printing and specialty applications.

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