New Issue: Germany's Klockner prices €255 million five-year notes at par to yield 11 5/8%

By Paul A. Harris

Portland, Ore., July 13 - Germany's Klockner Pentaplast priced a €255 million issue of five-year senior secured notes (Caa1/CCC) at par to yield 11 5/8% on Friday, according to informed sources.

The yield printed 12.5 basis points inside the 11 ¾% to 12% yield talk.

Jefferies & Co. was the bookrunner.

Proceeds will be used to refinance debt.

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

Issuer:	K.P. Germany Erste GmbH (Klockner Pentaplast)
Securities:	Senior secured notes
Amount:	€255 million
Maturity:	July 15, 2017
Coupon:	11 5/8%
Price:	Par
Yield:	11 5/8%
Call features:	Make-whole at call at Bunds plus 50 bps until Jan. 15, 2015, then callable at 108.719, 105.813 on July 16, 2015, par on and after July 16, 2016
Equity clawback: For 35% at 108.719 until Jan. 15, 2015
Change of control put: 101%
Bookrunner:	Jefferies & Co.
Trade date:	July 13
Settlement date:	July 20
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC
Distribution:	Rule 144A and Regulation S for life
Price talk:	11¾% to 12%
Marketing:	Roadshow

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.