Berry Plastics plans to repay Avintiv credit facilities, senior notes

By Marisa Wong

Morgantown, W.Va., Aug. 5 – Berry Plastics Group, Inc. expects to repay Avintiv Inc.’s outstanding debt in full simultaneously with the closing of Berry’s acquisition of Avintiv, according to an 8-K filing with the Securities and Exchange Commission.

Berry plans to repay the debt on behalf of Avintiv as part of the merger consideration.

The outstanding debt includes loans under Avintiv Specialty Materials Inc.’s senior secured credit agreement dated Dec. 19, 2013, its 7¾% senior secured notes due 2019, its 6 7/8% senior notes due 2019 and its credit agreement dated Jan. 28, 2011.

Closing is expected by year’s end, subject to customary conditions, as previously noted.

Berry Plastics is an Evansville, Ind.-based manufacturer and marketer of value-added plastic consumer packaging and engineered materials. Avintiv is a Charlotte, N.C.-based developer, producer and marketer of specialty materials used in infection prevention, personal care and high performance solutions.

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