Tekni-Plex starts consent solicitation for 12¾% notes

New York, March 15 - Tekni-Plex Inc. said it has started soliciting consents to amend the indenture of its 12¾% senior subordinated notes due 2010.

The Coppell, Texas, packaging products manufacturer is seeking a $125 million increase in the amount of debt it can have outstanding at any time and additional flexibility in its ability to incur debt. Currently Tekni-Plex cannot take on more debt apart from limited exceptions.

The solicitation runs through 5 p.m. ET on March 25. The consent fee is $5.00 per $1,000 principal amount.

The offer is subject to conditions including Tekni-Plex raising $30 million of additional equity by selling common or preferred stock.

Citigroup is the solicitation agent (800 558-3745 or call collect 212 723 6106). Bondholder Services Corp. is the information agent.

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