Berry Global holds investors calls on Friday for bonds off IG desk

Chicago, March 23 – Berry Global, Inc. is hosting fixed-income investor calls on Friday for a bond deal expected to price off the investment-grade desk, according to a syndicate source.

The company has been hovering between being considered an investment-grade issuer and a high-yield issuer, but the company’s bonds issued in July 2021 were considered high-grade by both S&P Global Ratings and Fitch Ratings.

The bonds are expected to again be considered straight investment-grade, but there could be one high-yield rating. As of yet, Moody’s Investors Service has not given the issuer the IG seal of approval.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC have the mandate.

The company has been running a tender offer for up to $100 million of its $774,117,000 of outstanding 0.95% first-priority senior secured notes due Feb. 15, 2024.

That offer is expected to settle on April 6.

Berry is an Evansville, Ind.-based supplier of non-woven, flexible and rigid products used within consumer and industrial end markets.

Paul A. Harris contributed to this story.

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