Berry Plastics approximately $800 million term loan may launch Thursday

By Sara Rosenberg

New York, May 13 - Berry Plastics Corp. is tentatively scheduled to hold a bank meeting on Thursday to launch an approximately $800 million term loan, according to a market source.

Goldman Sachs & Co. and JPMorgan are the lead banks on the deal.

Proceeds will be used to fund the acquisition of Kerr Group Inc. for $445 million and to refinance existing term loan B debt.

The Evansville, Ind., maker of plastic containers said that on a pro forma basis its leverage is expected to be similar to the level after its acquisition by Goldman Sachs Capital Partners and JP Morgan Partners in July 2002 and after it acquired Landis Plastics in November 2003.

Closing of the latest acquisition is scheduled for the second quarter.

Kerr is a Lancaster, Pa.-based maker of plastic packaging.

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