Germany's Klockner starts roadshow for €255 million five-year notes

By Paul A. Harris

Portland, Ore., July 9 - Germany's Klockner Penteplast began a roadshow on Monday in Frankfurt for a €255 million offering of five-year senior secured second-priority notes (expected ratings Caa1/CCC), according to market sources.

The roadshow moves to London on Tuesday. Presentations in London and Paris are scheduled for Wednesday and in Amsterdam and Edinburgh for Thursday.

Subsequent roadshow stops, including a roadshow in the United States, hinge upon how rapidly the book builds, sources said.

Hence the deal could price during the present week or carry over into the July 16 week.

Jefferies & Co. has the books.

The Rule 144A and Regulation S notes become callable in 2.5 years at par plus 75% of the coupon.

Proceeds will be used to refinance debt.

The issuing entity will be kp Germany Erste GmbH, a subsidiary of the Montabaur, Germany, producer of chemical films used in the pharmaceutical, food, medical device, packaging and other industries.

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