Pactiv Evergreen accelerates $800 million term B commitment deadline

By Sara Rosenberg

New York, Sept. 15 – Pactiv Evergreen moved up the commitment deadline for its $800 million seven-year covenant-lite senior secured term loan B (B1/B+) to 2 p.m. ET on Friday from 5 p.m. ET on Monday, according to a market source.

Price talk on the term loan is Libor plus 350 basis points with a 0.75% Libor floor and an original issue discount of 99 to 99.5.

The term loan has 101 soft call protection for six months.

Credit Suisse Securities (USA) LLC and HSBC Securities (USA) Inc. are the lead arrangers on the deal.

Proceeds will be used to fund the acquisition of Fabri-Kal Corp. from Two Mitts Inc. for $380 million and partially refinance an outstanding term loan B due 2023.

Closing is expected late in the third quarter or early in the fourth quarter.

Pactiv Evergreen is a Lake Forest, Ill.-based manufacturer and distributor of fresh foodservice and fresh beverage packaging. Fabri-Kal is a manufacturer of foodservice and custom thermoformed plastic packaging solutions.

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