New Issue: Berry Plastics prices $800 million 10-year notes at par to yield 9¾%

By Paul A. Harris

St. Louis, Nov. 10 - Berry Plastics Corp. priced an $800 million issue of 10-year second-priority senior secured notes (Caa1/CCC/) at par to yield 9¾% on Wednesday, according to informed sources.

The yield printed at the wide end of the 9½% to 9¾% price talk.

Credit Suisse Securities, Barclays Capital Inc., Bank of America Merrill Lynch and Goldman Sachs & Co. were the joint bookrunners.

Co-managers were Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and UBS Investment Bank.

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.

Issuer:	Berry Plastics Corp.
Amount:	$800 million
Maturity:	Jan. 15, 2021
Securities:	Second-priority senior secured notes
Bookrunners:	Credit Suisse Securities, Barclays Capital Inc., Bank of America Merrill Lynch, Goldman Sachs & Co.
Co-managers:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities LLC, UBS Investment Bank
Coupon:	9¾%
Price:	Par
Yield:	9¾%
Call features:	Make-whole call at Treasuries plus 50 bps until Jan. 15, 2016, then callable at 104.875, 103.25, 101.625, par on and after Jan. 15, 2019
Equity clawback:	35% at 109.75 until Jan. 15, 2014
Trade date:	Nov. 10
Settlement date:	Nov. 19
Ratings:	Moody's: Caa1
	Standard & Poor's: CCC
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	9½% to 9¾%
Marketing:	Brief roadshow

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