Tekni-Plex to start roadshow Tuesday for $480 million seven-year notes

By Paul A. Harris

Portland, Ore., May 7 - Tekni-Plex, Inc. plans to start a roadshow on Tuesday for a $480 million offering of seven-year senior secured notes, according to a syndicate source.

An investor call is also set to take place on Tuesday.

The Rule 144A and Regulation S for life deal is set to price later in the present week.

Bank of America Merrill Lynch and Credit Suisse Securities (USA) LLC are the joint bookrunners. Jefferies & Co. and Wells Fargo Securities LLC are the co-managers.

The notes will become callable after three years at par plus 75% of the coupon.

There is a 101% poison put.

Credit Ratings remain to be determined.

Proceeds, together with cash on hand and proceeds from an equity offering, will be used to repay an existing term loan and senior secured notes.

Tekni-Plex is a King of Prussia, Pa.-based manufacturer of packaging products primarily serving the health care, food and consumer industries.

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