Pactiv Evergreen Inc. Successfully Reprices and Upsizes Term Loan

Core Points - Pactiv Evergreen Inc. successfully completed the repricing and upsizing of its $990 million senior secured Term Loan B, extending the maturity to September 24, 2028 [1] - The interest rate margin for the B-4 Term Loans was reduced by 75 basis points from 3.25% to 2.50%, and the credit spread adjustment was removed [2] - The B-4 Term Loans were upsized by $340 million, increasing the principal balance to $1.33 billion, and the proceeds were used to fully prepay the $690 million B-2 Term Loans [2] - The transaction is expected to reduce the company's annualized cash interest expense by approximately $14 million [2] - The CFO expressed satisfaction with the strong demand and lender support, highlighting enhanced flexibility for reinvestment and balance sheet de-leveraging [3] Company Overview - Pactiv Evergreen Inc. is a leading manufacturer and distributor of fresh foodservice and food merchandising products in North America [3] - The company produces a wide range of products that protect, package, and display food and beverages, many of which are made from recycled or renewable materials [3] - Its customer base includes restaurants, foodservice distributors, retailers, and food and beverage producers [3]