Berry Global Announces Consideration for and Upsizing of Tender Offer for 0.95% First Priority Senior Secured Notes due 2024
Berry Global Group, Inc. (NYSE: BERY) announced a revised tender offer for its 0.95% First Priority Senior Secured Notes due 2024. The aggregate principal amount has increased from $100 million to $495.4 million. The Early Settlement Date is expected on March 30, 2023, with a final expiration time extended to April 10, 2023. Holders of notes tendered by March 24 will receive an Early Tender Consideration of $964.15 per $1,000 principal amount. The company does not anticipate proration due to sufficient tendered amounts. For more details, the company has appointed Citigroup Global Markets as dealer manager and Global Bondholder Services as the depositary.
- Increased tender offer amount from $100 million to $495.4 million.
- Early Tender Consideration set at $964.15 per $1,000 principal amount, providing value to noteholders.
- None.
The consideration of
Title of
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Maximum
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Principal
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Bloomberg
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Fixed
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Early
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Early
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08576PAG6 |
US08576PAG63 |
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FIT3 |
+60 bps |
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(1) |
As amended. |
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(2) |
Per |
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(3) |
The Early Tender Consideration for Notes validly tendered prior to or at the Early Tender Time (as defined below) and accepted for purchase is calculated using the Fixed Spread (as defined below) and is inclusive of the Early Tender Premium. |
Only holders of Notes who validly tendered their Notes at or prior to
Since the principal amount of Notes tendered as of the Early Tender Time does not exceed the Maximum Tender Amount as revised, the Notes validly tendered at or prior to the Early Tender Time are not anticipated to be subject to proration as described in the section “The Terms of the Tender Offer—Maximum Tender Amount; Priority of Acceptance; Proration” of the Offer to Purchase. The Company does not anticipate accepting for purchase any Notes validly tendered after the Early Tender Time.
The Company reserves the right, in its sole discretion, to pay for Notes that are validly tendered at or prior to the Early Tender Time, and that are accepted for purchase, on a date following the Early Tender Time and prior to the Expiration Time (the “Early Settlement Date”). The Company anticipates that the Early Settlement Date will be
All other terms and conditions of the previously announced Tender Offer, including without limitation the withdrawal deadline of
Dealer Manager and Depositary and Information Agent
The Company has appointed
This press release shall not constitute, or form part of, an offer to sell, a solicitation to buy or an offer to purchase or sell any securities. The Tender Offer is being made only pursuant to the Offer to Purchase and only in such jurisdictions as is permitted under applicable law.
From time to time after completion of the Tender Offer, the Company or its affiliates may purchase additional Notes in the open market, in privately negotiated transactions, through tender or exchange offers or other methods, or the Company may redeem Notes pursuant to their terms. Any future purchases may be on the same terms or on terms that are more or less favorable to holders of the Notes than the terms of the Tender Offer.
About Berry
At
Forward-Looking Statements
Statements in this release that are not historical, including statements relating to the Tender Offer, the Offer to Purchase and the expected future performance of the Company, are considered “forward looking” within the meaning of the federal securities laws and are presented pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. You can identify forward-looking statements because they contain words such as “believes,” “expects,” “may,” “will,” “should,” “would,” “could,” “seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,” “outlook,” “anticipates” or “looking forward,” or similar expressions that relate to our strategy, plans, intentions, or expectations. All statements we make relating to our estimated and projected earnings, margins, costs, expenditures, cash flows, growth rates, and financial results or to our expectations regarding future industry trends are forward-looking statements. In addition, we, through our senior management, from time to time make forward-looking public statements concerning our expected future operations and performance and other developments.
Our actual results may differ materially from those that we expected due to a variety of factors, including without limitation: (1) risks associated with our substantial indebtedness and debt service; (2) changes in prices and availability of resin and other raw materials and our ability to pass on changes in raw material prices to our customers on a timely basis; (3) risks related to acquisitions or divestitures and integration of acquired businesses and their operations, and realization of anticipated cost savings and synergies; (4) risks related to international business, including transactional and translational foreign currency exchange rate risk and the risks of compliance with applicable export controls, sanctions, anti-corruption laws and regulations; (5) increases in the cost of compliance with laws and regulations, including environmental, safety, and climate change laws and regulations; (6) labor issues, including the potential labor shortages, shutdowns or strikes, or the failure to renew effective bargaining agreements; (7) risks related to disruptions in the overall global economy, persistent inflation, supply chain disruptions, and the financial markets that may adversely impact our business, including as a result of the
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Investor Contact:
+1 812.306.2964
ir@berryglobal.com
Source:
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