Senior debt is split between a €65m seven-year revolver paying 200bp over Libor, a €110m seven-year acquisition line also paying 200bp and a €700m eight-and-a-half-year term loan paying 250bp. In addition junior pieces are split between a €187.5m nine-and-a-half-year second-lien loan and a €187.5m 10-year mezzanine loan.
Bank lenders are invited to join on tickets of either €30m earning 80bp or €20m for 65bp. Leverage ratios start at 4.1x to senior debt, rising to 5.2x through the second lien up to 6.3x to total debt.
In 2002, CSFB and Deutsche Bank arranged €633m facility backing Cinven’s original €925m LBO of the company.
Kloeckner Pentaplast produces rigid film used in packaging for food and non-food applications such as pharmaceuticals.