Berry Global's Exchange Offers: A Strategic Financing Move
Berry Global Group, Inc. Initiates Notes Exchange Offers
Berry Global Group, Inc. proudly announces the launch of an engaging opportunity for its investors. This initiative will be spearheaded by its wholly-owned subsidiary, Berry Global, Inc. The company is set to hold an offer allowing investors to exchange up to an impressive $800,000,000 of newly issued 5.650% First Priority Senior Secured Notes due 2034. Additionally, they will exchange up to $800,000,000 of 5.800% First Priority Senior Secured Notes due 2031. This exchange marks a significant stride for Berry in its ongoing commitment to creating value and stability.
Understanding the Exchange Notes
The Exchange Notes that are being offered are structured to mirror the Outstanding Notes in nearly every aspect, offering investors a seamless transition. However, key distinctions will provide added advantages. The Exchange Notes will be registered under the Securities Act of 1933, eliminating any transfer restrictions commonly associated with unregistered securities. This is a transformative move, as the Exchange Notes will be free from legends that limit their transfer and unlike the Outstanding Notes, they will hold a different CUSIP number.
Comparison of Exchange and Outstanding Notes
Investors will appreciate the lack of transfer restrictions with the new Exchange Notes. However, it’s vital to note that they won’t possess the same registration rights nor additional interest provisions that may apply to the Outstanding Notes under certain circumstances. Such nuances provide investors with clearer benefits when opting for the exchange.
Key Timing and Procedures
The window for these exchange offers is set to close at 5:00 PM Eastern Time on February 11, 2025. This timeframe is crafted to ensure that holders of the Outstanding Notes have ample opportunity to engage in the exchange. For those wishing to withdraw their offers, Berry Global has outlined clear procedures in the offering prospectus, simplifying the process.
How to Obtain Additional Information
Berry is committed to transparency during this exchange process. Those seeking more information can obtain copies of the prospectus and the related letter of transmittal from U.S. Bank Trust Company, the appointed exchange agent. Their office is equipped to assist with any inquiries regarding the exchange.
About Berry Global's Commitment to Innovation
At Berry Global, innovation lies at the forefront of its operational ethos. The company, traded under NYSE: BERY, strives to create pioneering packaging solutions that significantly enhance both lives and environmental integrity. With a robust workforce exceeding 34,000 dedicated employees, Berry employs its extensive global reach to serve a diverse customer base.
This commitment is supported by their expertise in sustainability, allowing them to explore innovative approaches within the circular economy. Collaboratively, they partner with customers to co-create solutions that address environmental challenges effectively. Berry's impactful initiatives reaffirm their status as leaders in packaging solutions, designed to cater to both industry demands and ecological responsibilities.
Frequently Asked Questions
What is the purpose of the exchange offers by Berry Global?
The exchange offers aim to facilitate a seamless transition from unregistered notes to registered ones, enhancing liquidity and investor confidence in Berry Global's securities.
When do the exchange offers expire?
The offers are set to expire at 5:00 PM Eastern Time on February 11, 2025, unless the company decides to extend this period.
Who is eligible to participate in the exchange offers?
The exchange offers are exclusively available to holders of the Outstanding Notes issued by Berry Global, Inc.
What benefits do the Exchange Notes offer over the Outstanding Notes?
Exchange Notes will be registered and free from transfer restrictions, providing a more flexible investment option compared to the Outstanding Notes.
How can investors get more information regarding the exchange?
Investors can contact U.S. Bank Trust Company, the exchange agent, for copies of the prospectus and assistance with any queries concerning the exchange process.
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