Tekni-Plex talks $345 million five-year notes to yield in 9% area; books close Friday

By Paul A. Harris

Portland, Ore., July 19 – Trident TPI Holdings, Inc., which does business as Tekni-Plex, Inc., talked its $345 million offering of five-year senior notes (Caa2/CCC+) to yield in the 9% area, according to market sources.

Books close at 1:30 p.m. ET on Friday.

Jefferies LLC and BMO Capital Markets are the joint bookrunners.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon.

The Wayne, Pa.-based packaging company plans to use the proceeds to pay off the bridge facility used to finance a portion of the acquisition of three manufacturing facilities from Amcor’s flexible packaging business unit, in addition to the acquisition of Italian health care packaging firm Lameplast SpA and Brazilian closure liner manufacturer Geraldiscos, as well as to fund cash on the balance sheet and for general corporate purposes.

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