Tekni-Plex to pay down loan, call 8¾% notes via $485 million proceeds

By Ashley Montgomery

Kansas City, Kan., May 24 - Tekni-Plex, Inc. intends to use the proceeds from its $485 million offering of 9.75% senior secured notes to repay its term loan and its outstanding 8¾% senior secured notes due 2013, according to a news release.

The notes are set to be redeemed June 25.

The company said it would also use cash on hand and proceeds from a $50 million equity offering to fund the repayments.

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

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