By Paul A. Harris
St. Louis, Mo., July 17 - Berry Plastics Corp. priced$250 million of senior subordinated notes due July 15, 2012 (B3/B-) Wednesday at par to yield 10¾%, according to a syndicate source.
The deal priced at the wide end of talk of 10½%-10¾%, the source added.
JP Morgan and Goldman Sachs & Co. were joint bookrunners. The co-managers were RBS Financial Markets and Credit Suisse First Boston.
Proceeds from the Rule 144A deal will be used to help fund LBO by GS Capital Partners 2000 LP, including the tender of the 12½% senior secured notes due 2006, the 12¼% senior subordinated notes due 2004, and the 11% senior subordinated notes due 2007, and to repay debt.
The issuer is an Evansville, Ind. injection-mold plastic products company.
Issuer: Berry Plastics Corp.
Amount: $250 million
Maturity: July 15, 2012
Type: Senior subordinated notes
Bookrunners: JP Morgan, Goldman Sachs (joint)
Co-managers: RBS Financial Markets, Credit Suisse First Boston
Coupon: 10¾%
Price: Par
Yield: 10¾%
Price talk: 10½%-10¾%
Spread: 605 basis points
Call features: Callable on July 15, 2007 at 105.375, 103.583, 101.792, par on July 15, 2010 and thereafter
Equity clawback: Until July 15, 2005 for 35% at 110.75
Settlement date: July 22, 2002
Ratings: Moody's: B3
| Standard & Poor's: B-
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| Rule 144A CUSIP: | 085790AG8
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