SVP relaunches sale of Kloeckner Pentaplast sale - sources

FRANKFURT Wed May 28, 2014 7:01am EDT

FRANKFURT May 28 (Reuters) - Strategic Value Partners (SVP) is starting another attempt to sell German plastic films maker Kloeckner Pentaplast in a potential 1.5 billion euro ($2 billion) deal, two sources familiar with the matter said.

Goldman Sachs and Jefferies, advisers to SVP and the co-owners, will start sending out information packs on the company next month, one of the sources said, adding that tentative bids are likely to be due in July.

Kloeckner Pentaplast will be offered to private equity firms such as Carlyle, Bain and Advent but it remains unclear if these investors will actually hand in bids, the sources said.

The sellers are hoping to see Kloeckner Pentaplast valued at about 8 times its expected earnings before interest, tax, amortisation and depreciation of roughly 180 million euros.

Bankers are working on debt financing packages of around 1 billion euros or 6 times Kloeckner's EBITDA. Syndicated leveraged loans and high yield bonds denominated in euros and dollars are all being considered, banking sources said.

SVP, Goldman Sachs and Jefferies declined to comment. ($1 = 0.7345 Euros) (Reporting by Arno Schuetze; additional reporting by Claire Ruckin; Editing by Victoria Bryan)

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