Reynolds Group talks $1 billion eight-year notes with 8½% area yield

By Paul A. Harris

St. Louis, April 26 - Reynolds Group Issuer LLC talked its $1 billion offering of eight-year senior unsecured notes (Caa1) with an 8½% area yield on Monday, according to an informed source.

The books close at 5 p.m. ET on Tuesday, except for West Coast accounts, for whom books close at 10 a.m. ET on Wednesday. The deal is set to price thereafter.

Credit Suisse has the books.

The notes come with four years of call protection and a 101% poison put.

Proceeds will be used to help fund the acquisitions of the Evergreen Packaging group of companies and the Whakatane Mill from Carter Holt Harvey Ltd.

Reynolds Group is an Auckland, New Zealand-based manufacturer and supplier of consumer food and beverage packaging and storage products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.