Klöckner Pentaplast takes ESG ratchet to dollar mart

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By Owen Sanderson
28 Jan 2021

Plastics packaging firm Klöckner Pentaplast (KP) has included an ESG margin ratchet in the loan leg of a refinancing, the first time this has been added to a dollar-denominated loan, though the structure is becoming increasingly common in euros.

KP, owned by Strategic Value Partners since a 2012 restructuring, had flagged to investors that it was looking to refinance its capital structure early this year, aiming in particular to take out its 2023 PIK toggle debt, which carries a 9.25% coupon.

The refi package is split across ...

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