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Berry Global increases tender cap to $495.4 million, gives pricing
By Wendy Van Sickle
Columbus, Ohio, March 27 – Berry Global Group, Inc. announced that subsidiary Berry Global, Inc. priced and upsized its capped tender offer to purchase for cash its $774,117,000 of outstanding 0.95% first-priority senior secured notes due Feb. 15, 2024 (Cusip: 08576PAG6), according to a press release.
The total consideration was set at $964.15 per $1,000 note, based on the 1/8% U.S. Treasury note due Feb. 15, 2024 plus a spread of 60 basis points, as determined at 10 a.m. ET on March 27.
The maximum tender amount was increased to $495,397,000 from $100 million. The revised maximum tender amount matches the principal amount of notes tendered as of 5 p.m. ET on March 24, which was the early tender time.
The total consideration includes an early participation premium of $30 per $1,000 principal amount that will be paid only to holders who tender by the early deadline. The company does not expect to accept any notes tendered after the early deadline, although the official expiration of the offer is 11:59 p.m. ET on April 10.
The company will also pay accrued interest.
Early settlement is now expected on March 30. The offer was announced on March 8.
The withdrawal deadline was of 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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