Reynolds Group plans to launch $1 billion of senior secured notes

By Sarah Lizee

Olympia, Wash., Sept. 8 – Reynolds Group Holdings Ltd. plans to launch an offering of $1 billion of senior secured notes, according to an 8-K filing with the Securities and Exchange Commission.

If completed, proceeds will be used to repay debt, including the term loan under its credit agreement or all or a portion of its remaining 5 1/8% senior secured notes due 2023.

The offering is conditioned on an initial public offering being completed. Reynolds Group, which will be converted to a corporation in Delaware and renamed Pactiv Evergreen Inc., announced that it launched an IPO of its common stock.

The company plans to launch the new note offering prior to pricing of the IPO.

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

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