Pactiv Evergreen plans to launch notes offering ‘in the future’

Chicago, Sept. 10 – Pactiv Evergreen announced its intention to offer senior notes through indirect wholly owned subsidiaries Pactiv Evergreen Group Issuer Inc. and Pactiv Evergreen Group Issuer LLC, according to an 8-K filing with the Securities and Exchange Commission.

The notes (B1) are being issued as part of the financing of the company’s acquisition of Fabri-Kal Corp.

Moody’s Investors Service said in a news release it expects the bond offering to include $500 million of senior secured notes due 2028.

Proceeds will specifically be used, with borrowings from a new $800 million term loan, to finance the acquisition, to refinance tranche B-1 U.S. term loans under its credit agreement should the acquisition not be consummated and other term loans, and to pay transaction costs.

Pactiv Evergreen is a Lake Forest, Ill.-based manufacturer and distributor of fresh foodservice and fresh beverage packaging. Fabri-Kal is a manufacturer of foodservice and custom thermoformed plastic packaging solutions.

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