Klockner Pentaplast plans euro-denominated junk bond issue for July

By Paul Deckelman

New York, June 22 - Klockner Pentaplast plans to launch a euro-denominated junk bond issue after the July 4 week, a high-yield market source said Friday.

He estimated that the company would market "somewhere in the area code" of €255 million of second-lien notes.

There was no immediate word on the tenor of the planned bond issue, or its structure.

Klockner, a Montabaur, Germany-based producer of chemical films used in the pharmaceutical, food, medical device, packaging and other industries, also is on the verge of launching a $500 million bank-loan deal, to consist of a $435 million term loan tranche and a $65 million revolving credit facility.

That deal is scheduled to be launched with bank meetings this Thursday in New York and Friday in London.

Jefferies & Co. will be the lead bank and also is expected to play a key role in the bond offering.

The proceeds from the bond and loan offerings will be used in the company's recapitalization efforts.

Sara Rosenberg contributed to this report

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