Berry Global Group, Inc. (NYSE: BERY) declared the pricing of the private placement commenced by the fully-owned unit Berry Global, Inc of BERY. The offering was started on February 26, 2021. Berry Global will offer the $775,000,000 of priority senior secured notes due 2026.
The New Notes offered by Berry will be an extra grant of the 1.57% First Priority Senior Secured Notes due 2026 granted in accordance with the contract on Dec 22, 2020 and will be merged with and form a single sequence with the Current Notes. The New Notes which are being offered by Berry have the same conditions as the Existing Notes.
Only the arrangement date and the arrangement price will be different. The New Notes will have the interest at a rate of 1.57%, to be paid every six months, in cash in arrears, on Jan 15 and July 15 of each year. It will start on July 15, 2021. The New Notes have a maturity date is on Jan 15, 2026. The execution of the private arrangement offering is likely to occur on or about March 4, 2021.
Berry and each of the current and future direct or indirect domestic units of the issuer will be the guarantor of the offering. But the guarantee by Berry is not secured. As per the earlier declaration, the firm is planning to use the profit from the offering for the advance payment a fraction of specific term loans of the Issuer and to compensate particular costs and costs incurred in connection with the refinancing of such borrowings and the offering.