Kraton Polymers to start roadshow for $230 million 10-year notes on Wednesday

By Paul A. Harris

St. Louis, Dec. 2 - Kraton Polymers LLC and Kraton Capital Corp. start the roadshow Wednesday for an offering of $230 million of senior subordinated notes due 2013 (B3/expected B-), according to market sources.

The deal is expected to price on Dec. 11 or 12.

Goldman Sachs & Co. and UBS Investment Bank are joint bookrunners on the Rule 144A offering. Credit Suisse First Boston and Morgan Stanley are co-managers.

The notes will contain a make-whole call for the first five years and will then become callable at a premium. They will also contain a three-year equity clawback for 35%.

Proceeds will be used to help fund the leveraged buyout of the company by Texas Pacific Group from Ripplewood Holdings LLC in a transaction valued at $770 million.

Kraton is a Houston specialty chemicals company that produces styrenic block copolymers.

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