Berry Plastics Corporation Announces Plans for Incremental Term Loan
EVANSVILLE, Ind., Jan 29, 2013 (BUSINESS WIRE) --
Copyright Business Wire 2013
Berry Plastics Group, Inc. (NYSE: BERY) announced today that its
subsidiary, Berry Plastics Corporation ("Berry"), intends to obtain
commitments for $1.0 billion of first lien senior secured term loans, to
be structured as an incremental facility under Berry's existing term
loan credit agreement (such loans, the "New Loans"). Berry intends to
use the net proceeds from the borrowing of the New Loans to redeem its
Second Priority Senior Secured Floating Rate Notes due 2014, First
Priority Senior Secured Floating Rate Notes due 2015 and 101/4% Senior
Subordinated Notes due 2016 (the "Redemption"). Berry is in discussion
with lenders regarding the New Loans; however, there can be no assurance
that Berry will obtain the commitments in the time frame or on the terms
it expects, or at all or that the Redemption will occur.
About Berry Plastics
Berry Plastics Group, Inc. is a leading provider of value-added plastic
consumer packaging and engineered materials delivering high-quality
customized solutions to our customers with annual net sales of $4.8
billion in fiscal 2012. With world headquarters in Evansville, Indiana,
the Company's common stock is listed on the New York Stock Exchange
under the ticker symbol BERY. For additional information, visit the
Company's website at www.berryplastics.com.
Certain statements and information included in this release may
constitute "forward looking statements" within the meaning of the
Federal Private Securities Litigation Reform Act of 1995. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance, or achievements of the Company to be materially different
from any future results, performance, or achievements expressed or
implied in such forward looking statements. Additional discussion of
factors that could cause actual results to differ materially from
management's projections, forecasts, estimates and expectations is
contained in the companies' SEC filings. The Company does not undertake
any obligation to update any forward-looking statements, or to make any
other forward-looking statements, whether as a result of new
information, future events or otherwise.
http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130129005681r1&sid=cmtx4&distro=nx
SOURCE: Berry Plastics Group, Inc.
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