Berry Plastics restructures with strong demand; HelpSystems, NN, Novetta price talk surfaces

By Sara Rosenberg

New York, Sept. 16 – Berry Plastics Corp. LLC on Wednesday upsized its first-lien term loan as the decision was made to downsize its bond offering, and the spread and original issue discount on the term loan was tightened.

Berry Plastics increased its first-lien term loan (Ba3/BB-) due in 2022 to $2.1 billion from $1.9 billion, cut pricing to Libor plus 300 basis points from talk of Libor plus 325 bps to 350 bps and changed the original issue discount to 99.5 from 99, according to a market source.

In more happenings, HelpSystems LLC, NN Inc. and Novetta came out with price talk as their deals were presented to lenders during the session, and Xerium Technologies Inc. and Integro Ltd. joined this week’s calendar.

Xerium Technologies set a bank meeting for 10 a.m. ET in New York on Friday to launch a $495 million seven-year covenant-light term loan B, according to a market source.

Integro surfaced with plans to hold a bank meeting on Thursday to launch a $440 million credit facility, according to a market source.

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