Berry Global tenders for up to $100 million 0.95% secured notes

By Wendy Van Sickle

Columbus, Ohio, March 8 – Berry Global Group, Inc. announced that subsidiary Berry Global, Inc. has begun a tender to purchase for cash up to $100 million of its $774,117,000 of outstanding 0.95% first-priority senior secured notes due Feb. 15, 2024 (Cusip: 08576PAG6), according to a filing with the Securities and Exchange Commission.

Pricing will be based on the 1/8% U.S. Treasury note due Feb. 15, 2024 plus a spread of 60 basis points and will be determined at 10 a.m. ET on March 22. The amount will include an early participation premium of $30 per $1,000 principal amount that will be paid only to holders who tender by the early deadline of 5 p.m. ET on March 21.

The offer will expire at 11:59 p.m. ET on April 4.

Notes tendered before the early deadline will be given priority over notes tendered after that date. If the cap is exceeded, the amounts purchased will be prorated.

The company will also pay accrued interest.

Early settlement is expected on March 23 and final settlement on April 6.

Tenders may be withdrawn until 5 p.m. ET on March 21.

The offer is subject to some conditions.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager.

Global Bondholder Services Corp. (212 430-3774 or 855 654‑2015, contact@gbsc-usa.com or at www.gbsc-usa.com/berry/) is the depositary and information agent.

Berry is an Evansville, Ind.-based supplier of non-woven, flexible and rigid products used within consumer and industrial end markets.

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