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Pactiv Evergreen talks downsized $750 million seven-year notes to yield 4%-4¼%; pricing Thursday
By Paul A. Harris
Portland, Ore., Sept. 16 – Pactiv Evergreen talked its downsized $750 million offering of seven-year senior secured notes (B+) to yield 4% to 4¼%, according to market sources.
Official talk comes tight to the 4¼% to 4½% early guidance.
The Rule 144A and Regulation S deal is downsized from $1 billion with the shift of $250 million of proceeds to a concurrent bank loan, lifting the loan size to $1.25 billion from $1 billion.
The notes are set to price on Thursday.
Credit Suisse Securities (USA) LLC is the left lead bookrunner. HSBC Securities (USA) Inc. is the joint bookrunner.
The notes become callable after three years at par plus 50% of the coupon. They feature a three-year 40% equity clawback and a 101% poison put.
The Lake Forest, Ill.-based manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons, formerly known as Reynolds, plans to use the proceeds, along with proceeds from the Pactiv Evergreen initial public offering, to repay certain debt and transaction fees.
The issuing entities are Reynolds Group Issuer Inc., Reynolds Group Issuer LLC and Reynolds Group Issuer LP.
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