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Berry Global further extends dates in tender offer for secured notes
By Mary-Katherine Stinson
Lexington, Ky., March 24 – Berry Global Group, Inc. announced that subsidiary Berry Global, Inc. has again extended the early tender deadline and the pricing determination date and also added an extension to the expiration date of its tender offer to purchase for cash up to $100 million of its $774,117,000 of outstanding 0.95% first-priority senior secured notes due Feb. 15, 2024 (Cusip: 08576PAG6), according to a press release.
Pricing, based on the 1/8% U.S. Treasury note due Feb. 15, 2024 plus a spread of 60 basis points, will now be determined at 10 a.m. ET on March 27, previously March 24. The amount will include an early participation premium of $30 per $1,000 principal amount that will be paid only to holders who tender by the extended early deadline of 5 p.m. ET on March 24, pushed back one day from March 23. The original early tender expiration was March 21.
The expiration of the offer has also been extended by two days to 11:59 p.m. ET on April 6 from the original deadline of April 4.
As of the original early deadline, holders had tendered $494,997,000 of the notes, as previously reported.
Notes tendered before the early deadline will be given priority over notes tendered after that date. If the cap is exceeded, the amounts purchased will be prorated.
The company will also pay accrued interest.
Early settlement is now expected on March 28 and final settlement on April 10 because of the extensions.
The withdrawal deadline was unchanged and had passed as of 5 p.m. ET on March 21.
The offer is subject to some conditions.
Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager.
Global Bondholder Services Corp. (212 430-3774 or 855 654-2015, contact@gbsc-usa.com or at www.gbsc-usa.com/berry/) is the depositary and information agent.
Berry is an Evansville, Ind.-based supplier of non-woven, flexible and rigid products used within consumer and industrial end markets.
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