Berry and Glatfelter Announce Proposed Offering by a Berry Subsidiary of Senior Secured Notes in Connection with the Proposed Merger of Berry's Health, Hygiene and Specialties Global Nonwovens and Films Business with Glatfelter

Core Viewpoint - Berry Global Group, Inc. and Glatfelter Corporation are proceeding with a Reverse Morris Trust transaction, combining their nonwovens and films businesses, with Berry's subsidiary planning to issue $500 million in senior secured notes to facilitate this transaction [1][2]. Group 1: Transaction Details - The proceeds from the $500 million note issuance will be used to fund a cash distribution to Berry Global, repay Glatfelter's existing debt, and cover certain fees and expenses related to the transaction [2][3]. - Upon completion of the transaction, the combined entity will be renamed Magnera Corporation [2]. - The notes will be placed in a segregated escrow account until the transaction is finalized, ensuring that funds are available for the noteholders [3]. Group 2: Company Profiles - Berry Global Group, Inc. focuses on innovative packaging solutions and sustainability, employing over 40,000 people across more than 250 locations globally [6]. - Glatfelter Corporation is a leading supplier of engineered materials, with a 2023 revenue of $1.4 billion and approximately 2,980 employees, specializing in customizable nonwovens solutions [7].