Tekni-Plex $200 million 10-year notes talked at 8 7/8% area, pricing Wednesday

By Paul A. Harris

St. Louis, Nov. 11 - Price talk of 8 7/8% area emerged Monday on Tekni-Plex's $200 million of 10-year second priority senior secured notes (B2/B-), according to a market source.

The deal is expected to price Wednesday afternoon.

Lehman Brothers and Citigroup are joint bookrunners on the Rule 144A offer.

The notes will be non-callable for five years.

The Somerville, N.J.-based packaging products manufacturer will use proceeds to repay bank debt.

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