‘True HY’ awaiting Klöckner’s CCC PIK
Klöckner Pentaplast, the German plastic packaging maker, has in store a potential subordinated bond deal to fund its merger with UK peer Linpac. Some see the issue as a test on how real the risk appetite is in the European high yield market.
As Klöckner readies its €1.58bn leveraged loan deal this week, the announcement that it may also offer €385m of payment-in-kind notes has become a subject of conversation in the market.
The term loans and cash on hand are intended to refinance Klöckner’s senior secured loans and
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