Kloeckner Pentaplast talks €395 million six-year PIK toggle notes at 8˝% area, pricing Thursday

By Paul A. Harris

Portland, Ore., July 5 – Germany’s Kloeckner Pentaplast talked its €395 million offering of six-year PIK toggle notes with a cash yield in the 8˝% area, according to a market source.

The deal, which is being managed by Credit Suisse, is set to price Thursday.

The notes feature a 75 basis points coupon increase for PIK payments and come with two years of call protection.

Proceeds will be used to refinance debt and to help fund the acquisition of Linpac Group.

Kloeckner is a Montabaur, Germany-based manufacturer of plastic packaging.

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