Pactiv accepts tenders for $32.89 million of 8 3/8% debentures

By Marisa Wong

Los Angeles, Dec. 15 – Pactiv Evergreen Inc. indirect wholly owned subsidiary Pactiv LLC announced the results of its Dec. 8 tender offer to purchase for cash any and all of its $200 million outstanding 8 3/8% debentures due 2027 (Cusip: 880394AE1), according to a Thursday morning press release.

As of the expiration of the offer at 5 p.m. ET on Dec. 14, holders had tendered $32.89 million of the notes, none of which are subject to guaranteed delivery procedures.

The company said it expects to make payment for the tendered notes later in the day on Thursday.

The company also expects to accept for payment all notes that remain subject to guaranteed delivery procedures and to make payment for those notes on Dec. 19.

Pactiv will pay a consideration of $970 per $1,000 principal amount.

In addition, the company will pay accrued interest.

The company said it will use cash on hand of some of its affiliates to purchase the notes.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) and Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) are dealer managers for the tender offer.

The information agent and tender agent is Global Bondholder Services Corp. (855 654-2014 or 212 430-3774; contact@gbsc-usa.com; http://www.gbsc-usa.com/pactiv/).

Pactiv is a Lake Forest, Ill.-based manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.