Berry Plastics says investors tendered $750.58 million of 8 7/8% notes

By Devika Patel

Knoxville, Tenn., Dec. 6 - Berry Plastics Corp. said investors tendered $502,869,000, or 95.78%, of the company's 8 7/8% second-priority senior secured notes due 2014 issued in 2006 and $247,708,000, or 99.08%, of its 8 7/8% second-priority senior secured notes due 2014 issued in 2009 in a tender offer for all of the notes.

The offer launched on Nov. 5 and expired at midnight ET on Dec. 3.

The company was also soliciting consents from holders to proposed amendments to the indentures governing the notes to eliminate some restrictive covenants and events of default. In order for the amendments to take effect, holders of a majority of the outstanding principal amount of that series of notes needed to deliver their consents, which they did.

Holders who tendered their notes were obliged to consent to the amendments, and holders could not deliver consents without tendering their notes.

As previously reported, holders who tendered their notes and delivered consents by 5 p.m. ET on Nov. 18, the consent date, will receive the total consideration of $1,047.50 per $1,000 of notes, which includes a $30.00 consent payment.

Holders who tendered their notes after the consent date but before the expiration date will receive the tender offer consideration of $1,017.50 per $1,000 of notes, which is equal to the total consideration less the consent payment.

In addition, the company will pay interest up to but excluding the payment date.

The early payment date for notes accepted after the consent date and before the expiration date was Nov. 19. The final payment date was Dec. 6.

All remaining notes will be redeemed on Dec. 20 at 104.438 plus interest to the redemption date. Accrued interest will be $23.42 per $1,000 of notes.

Credit Suisse Securities (USA) LLC (800 820-1653 or 212 538-2147) was the dealer manager and solicitation agent, and Global Bondholder Services Corp. (212 430-3774 or 866 795-2200) was the information agent.

U.S. Bank NA is the trustee.

Berry is an Evansville, Ind.-based manufacturer and marketer of plastic packaging products.

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