FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / Press Releases / Read Press Release


Berry Plastics Announces Plans for Incremental Term Loan

February 01, 2013, 07:39 AM
Filed Under: Industry News
Related: Term Loan

Berry Plastics Group announced its subsidiary, Berry Plastics Corporation intends to obtain commitments for $1.4 billion of first lien senior secured term loans (rather than $1.0 billion, as previously announced), to be structured as an incremental facility under Berry’s existing term loan credit agreement. Berry intends to use the net proceeds from the borrowing of the new loans to redeem all of its outstanding 8.25% First Priority Senior Secured Notes due 2015, Second Priority Senior Secured Floating Rate Notes due 2014, First Priority Senior Secured Floating Rate Notes due 2015 and 10.25% Senior Subordinated Notes due 2016. Berry is in discussion with lenders regarding the new loans; however, there can be no assurance that Berry will obtain the commitments in the time frame or on the terms it expects, or at all or that the redemption will occur. The redemption will be made, if at all, pursuant to the redemption terms and notice provisions of the applicable indentures.

Berry Plastics Group, Inc. is a leading provider of value-added plastic consumer packaging and engineered materials delivering high-quality customized solutions to our customers with annual net sales of $4.8 billion in fiscal 2012.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.