Pactiv extends change-of-control offer for 5 7/8% notes to Dec. 6

By Marisa Wong

Madison, Wis., Nov. 29 - Pactiv Corp. said it has extended once more the offer to purchase for cash any and all of its outstanding 5 7/8% notes due 2012.

The change-of-control offer for the 5 7/8% notes began on Oct. 20. It was originally scheduled to expire at midnight ET on Nov. 20 and was previously extended to Nov. 29. The offer will now expire at 8 a.m. ET on Dec. 6.

As of midnight on Nov. 29, holders tendered about $658,000 principal amount of the 5 7/8% notes.

As previously reported, the offer is being conducted in connection with the acquisition of the company by Reynolds Group Holdings Ltd., which was completed on Nov. 16.

The company said that as of Nov. 29, the ratings of the notes had not been downgraded by Standard & Poor's or Moody's Investor Services.

Reynolds is a Chicago-based manufacturer and supplier of consumer food and beverage packaging and storage products. Pactiv is a Lake Forest, Ill.-based consumer and foodservice/food packaging company.

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