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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Pactiv Evergreen Inc | NASDAQ:PTVE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.24 | -2.03% | 11.60 | 11.37 | 11.75 | 12.03 | 11.57 | 11.98 | 207,659 | 21:52:01 |
This transaction reduced the interest rate margin applicable to the B-4 Term Loans by 75 basis points, from 3.25% to 2.50%, and removed the 11 basis point credit spread adjustment from the pricing structure of the B-4 Term Loans. In addition, the B-4 Term Loans were upsized, at par, by $340 million, increasing the principal balance to $1.33 billion. The proceeds of the B-4 Term Loans, together with the proceeds of a $350 million draw upon the Company’s revolving credit facility, were used to prepay in full the B-2 Term Loans. Collectively, the repricing and prepayment reduce the Company’s annualized cash interest expense by approximately $14 million.
Jon Baksht, Chief Financial Officer of Pactiv Evergreen, said, “We are pleased with the strong demand and lender support for the repricing and upsizing. As a result of the transaction, we have extended our debt maturities and reduced our annual interest expense, enhancing our flexibility to reinvest in the Company and further de-lever the balance sheet.”
About Pactiv Evergreen Inc.
Pactiv Evergreen Inc. (NASDAQ: PTVE) is a leading manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America. The Company produces a broad range of on-trend and feature-rich products that protect, package and display food and beverages for today’s consumers. Its products, many of which are made with recycled, recyclable or renewable materials, are sold to a diversified mix of customers, including restaurants, foodservice distributors, retailers, food and beverage producers, packers and processors. Learn more at www.pactivevergreen.com.
Contact:Curt Worthington847.482.2040InvestorRelations@pactivevergreen.com
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