Clondalkin sells 10-year bond for €170m

Irish packaging group Clondalkin has sold a €170m high-yield, 10-year bond which will give a yield of 8%.

The bond is being issued by Clondalkin following its purchase by private equity firm Warburg Pincus last month.

Clondalkin was sold in a deal which valued the group at €630m.

US private equity firm Warburg Pincus finally closed the deal in February following negotiations that began last September.

Clondalkin currently operates in Ireland, Britain, continental Europe and the US.

Ireland and Britain account for about a quarter of the business, with the rest of Europe taking 55% and 20% in the US.