Reynolds Consumer Products $1.4 billion IPO and $2.725 billion credit facility
Davis Polk advised Reynolds Consumer Products Inc. on its $1.4 billion initial public offering of 54,245,500 shares of common stock, which includes the full exercise of the underwriters’ option to purchase additional shares. The shares of common stock are listed on the Nasdaq Global Select Market under the symbol “REYN.”
In connection with the initial public offering, Davis Polk advised Reynolds Consumer Products LLC on its $2.475 billion senior secured term loan facility and $250 million senior secured revolving credit facility with the administrative agent and the lenders from time to time party thereto. Davis Polk also advised on Reynolds Consumer Products LLC’s $1.168 billion daylight term loan.
Immediately prior to the initial public offering, Reynolds Consumer Products was spun out of Reynolds Group Holdings Limited to the group’s ultimate shareholder.
Reynolds Consumer Products Inc. is a market-leading consumer products company with a presence in 95% of households across the United States. It produces products across three broad categories: cooking products, waste & storage products and tableware and sells its products under iconic brands, such as Reynolds and Hefty, and also under store brands. Reynolds Consumer Products Inc. is headquartered in Lake Forest, Illinois.
The Davis Polk capital markets team included partners Byron B. Rooney and Michael Kaplan and associates Jacqueline Marino and Michael F. Power. The tax team included partners David H. Schnabel and Patrick E. Sigmon and associates Elina Khodorkovsky and Joseph M. Gerstel. The finance team included partner Meyer C. Dworkin and associates Christopher Nairn-Kim and Emily Durling. The M&A team included partner Lee Hochbaum and associate Jason P. Thompson. All members of the Davis Polk team are based in the New York office.