Kleopatra to sell €700 million of euro-denominated notes

Chicago, Feb. 4 – Kleopatra Finco Sarl and Kleopatra Holdings 2 SCA are in the market for a two-part offering of notes totaling €700 million, according to a stabilization notice.

The issuers are planning to sell €400 million of five-year senior secured notes (B) and €300 million of 5.5-year senior notes (CCC+).

Both Rule 144A and Regulation S tranches come with two years of call protection.

Bookrunners for the offering are J.P. Morgan Securities plc, Credit Suisse, Deutsche Bank and Rabobank.

Proceeds, according to S&P Global Ratings, will be used to refinance its €1.4 billion term loan due June 2022 and €395 million payment-in-kind toggle notes due June 2023. The remaining proceeds will fund transaction fees and accrued interest.

Kleopatra is related to Kloeckner Pentaplast, a Montabaur, Germany-based manufacturer of rigid plastic film solutions.

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