Berry Plastics talks $800 million 10-year notes with 9½%-9¾% yield

By Paul A. Harris

St. Louis, Nov. 9 - Berry Plastics Corp. talked its $800 million offering of 10-year second-priority senior secured notes (Caa1/CCC) with a 9½% to 9¾% yield on Tuesday, according to an informed source.

The order books close at 1 p.m. ET on Wednesday, and the deal is expected to price thereafter.

Credit Suisse Securities and Barclays Capital Inc. are the joint bookrunners.

The notes, which come in the Rule 144A and Regulation S with registration rights format, rank pari passu with the company's 9½% notes due 2018.

The new notes will have five years of call protection.

The Evansville, Ind.-based manufacturer and marketer of plastic packaging products will use the proceeds to refinance its existing fixed-rate second-priority notes due 2014.

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