Pactiv Evergreen $1.515 billion notes offering and refinancing
Davis Polk advised Pactiv Evergreen Inc. on a Rule 144A / Regulation S offering of $500 million aggregate principal amount of its 4.375% senior notes due 2028 by Pactiv Evergreen Issuer Inc. and Pactiv Evergreen Issuer LLC. The notes are guaranteed by Pactiv Evergreen Inc. and certain of its subsidiaries. The issuer intends to use the proceeds, together with the funds from the below referenced incremental term loan facility and cash on hand, to fund the acquisition of Fabri-Kal Corporation and certain related entities, refinance their existing term loan and to pay transaction costs. In addition, Davis Polk advised Pactiv Evergreen Inc. in connection with an incremental and refinancing amendment related to its existing senior secured term loan credit facility, under which Pactiv Evergreen Group Holdings Inc., Pactiv LLC and Evergreen Packaging LLC borrowed $1.015 billion, comprised of $304,655,022 senior secured incremental term loans and $710,344,978 senior secured refinancing term loans.
Pactiv Evergreen Inc. is a manufacturer and supplier of fresh food and beverage packaging products primarily in North America. It manufactures a broad range of products that enable consumers to eat and drink where they want and when they want with convenience, products that protect and attractively display food while preserving freshness and cartons for fresh refrigerated beverage products, primarily serving dairy (including plant-based, organic and specialties), juice and other specialty beverage end-markets. Pactiv Evergreen Inc. is headquartered in Lake Forest, Illinois.
The Davis Polk capital markets team included partner Byron B. Rooney and associates Jacqueline Marino, Alaael-Deen Shilleh and Roshni Bhalla. The finance team included partner Meyer C. Dworkin and associates Christopher Nairn-Kim and Davea Livingstone. The tax team included partner Mario J. Verdolini and associate Elina Khodorkovsky. The executive compensation team included counsel Charles Shi. All members of the Davis Polk team are based in the New York office.