Pactiv Evergreen to price $1 billion seven-year notes on Wednesday; early guidance 4¼%-4½%

By Paul A. Harris

Portland, Ore., Sept. 14 – Pactiv Evergreen plans to price a $1 billion offering of seven-year senior secured notes on Wednesday, according to market sources.

The Rule 144A and Regulation S deal, in the market with 4¼% to 4½% early guidance, was set to be shopped on a late Monday morning conference call with investors.

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.

© 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.