New Issue: Berry Global prices upsized $500 million eight-year secured notes at par to yield 4½%

By Paul A. Harris

Portland, Ore., Jan. 19 – Berry Global, Inc. priced an upsized $500 million issue of eight-year second-lien senior secured notes (B2/BB-) at par to yield 4½% on Friday, according to a syndicate source.

The issue size was increased from $400 million.

The yield printed at the tight end of yield talk in the 4 5/8% area.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and J.P. Morgan Securities LLC are the joint bookrunners for the Rule 144A and Regulation S for life offering.

The Evansville, Ind.-based provider of plastic consumer packaging and engineered materials plans to use the proceeds to fund its acquisition of Clopay Plastic Products Co., Inc.

Issuer:	Berry Global, Inc.
Amount:	$500 million, increased from $400 million
Maturity:	Feb. 15, 2026
Securities:	Senior notes
Bookrunners:	Credit Suisse Securities (USA) LLC, Goldman Sachs & Co., Barclays, Citigroup Global Markets Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc., J.P. Morgan Securities LLC
Coupon:	4½%
Price:	Par
Yield:	4½%
Call protection:	Three years
Trade date:	Jan. 19
Settlement date:	Jan. 26
Ratings:	Moody's: B2
	S&P: BB-
Distribution:	Rule 144A and Regulation S for life
Price talk:	4 5/8% area
Marketing:	Quick to market

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