Kloeckner Pentaplast revises €600 million term loan OID to 99.5

By Sara Rosenberg

New York, Feb. 4 – Kloeckner Pentaplast changed the original issue discount on its €600 million term loan to 99.5 from revised talk of 98.5 to 99 and initial talk of 98.5, according to a market source.

Pricing on the euro term loan is Euribor plus 475 basis points with a 0% floor.

As previously reported, the company is also getting a $725 million term loan priced at Libor plus 475 bps with a 0.5% Libor floor and an original issue discount of 99.5.

Both loans have 101 soft call protection for six months.

Earlier in syndication, the total term amount was upsized from €1.175 billion equivalent, pricing on the U.S. and euro tranches firmed at the low end of the Libor/Euribor plus 475 bps to 500 bps talk and the discount on the U.S. term loan was tightened from 98.5.

J.P. Morgan Securities LLC, Credit Suisse, Deutsche Bank, Goldman Sachs, BofA Securities, Wells Fargo and Rabobank are the leads on the deal.

Proceeds will be used to refinance the company’s existing capital structure.

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

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