Cinven refinances Klöckner Pentaplast

Klöckner Pentaplast has issued a E180m high yield bond offering as part of the funding package for last year's LBO.

Klöckner Pentaplast, the German-based rigid films business acquired by Cinven for E925m in December 2001, has completed a high yield bond offering in order to re-finance a E180m bridge loan facility.

Klöckner Pentaplast has issued 9.375 per cent Senior Notes, due in 2012, which will be listed on the Luxembourg Stock Exchange. The Notes are rated B2/B by Moody’s/Standard & Poor’s and the Joint book- running lead managers were Deutsche Bank and Credit Suisse First Boston.

Cinven acquired Klöckner Pentaplast from Klöckner-Werke AG in 2001. The company currently operates from 14 sites in 6 countries, primarily Germany, the Netherlands, Switzerland and the US, and employs 3,100 people worldwide.