September 27, 2016 4:10 AM ET

Containers and Packaging

Company Overview of Berry Plastics Corporation

Company Overview

Berry Plastics Corporation manufactures and markets plastic consumer packaging and engineered materials. It offers containers; foodservice products, such as plastic drink cups; closures and over caps; bottle and prescription containers; and extruded and laminate tubes. The company provides engineered materials comprising anti-corrosion products for use in oil, gas, and water supply and construction applications; and cloth and foil, splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and medical and specialty tapes. Its engineered materials also include drop cloths and retail trash bags; polyvinyl chloride films, a...

101 Oakley Street

Evansville, IN 47710

United States

Founded in 1967

Phone:

812-424-2904

Fax:

812-424-0128

Key Executives for Berry Plastics Corporation

Chairman, Chief Executive Officer, Member of Executive Committee, Chairman of Berry Plastics Group Inc and Chief Executive Officer of Berry Plastics Group Inc
Age: 60
President of Engineered Materials Division
Age: 53
President of Rigid Closed Top Division
Age: 50
Vice President and General Counsel
Age: 56
Vice President of Communications
Compensation as of Fiscal Year 2016.

Berry Plastics Corporation Key Developments

Berry Plastics Group, Inc. and Berry Plastics Corporation Enter Incremental Assumption Agreement and Amendment with Lender

On June 15, 2016, Berry Plastics Group, Inc. (Berry Group), Berry Plastics Corporation (BPC) and certain of its subsidiaries entered into an Incremental Assumption Agreement and Amendment with Credit Suisse AG, Cayman Islands Branch, as the Administrative Agent, and Citibank, N.A., as the incremental term lender, to borrow incremental amounts of $814,375,000 and $1,994,750,000 under Berry's existing term loan credit agreement. The proceeds of the Term G Loans and Term H Loans, together with existing liquidity, were used to repay in full all of Berry's outstanding Term E Loans ($1,019,375,000) and Term F Loans ($1,894,750,000) pursuant to, and as defined in, Berry's existing term loan credit agreement. The resulting annual cash interest savings is estimated at approximately $9 million with an estimated one-time cost of approximately $2 million. The Term G Loans borrowed on such date bear interest at the option of BPC at LIBOR (subject to a floor of 1.00% per annum) plus an applicable margin of 2.50% per annum, or the Alternate Base Rate, or "ABR," plus an applicable margin of 1.50% per annum. The Term G Loans mature on January 6, 2021. If certain specified repricing events occur prior to December 15, 2016, Berry will pay a fee to the applicable lenders equal to 1.00% of the outstanding principal amount of the Term G Loans subject to such repricing event. The Term H Loans borrowed on such date bear interest at the option of BPC at LIBOR (subject to a floor of 1.00% per annum) plus an applicable margin of 2.75% per annum, or ABR plus an applicable margin of 1.75% per annum. The applicable margins for the Term H Loans are reduced to 2.50% for LIBOR-based loans and 1.50% for ABR-based loans, respectively, if BPC's total net first lien coverage ratio is less than 3.0 to 1.0 at the end of the most recent fiscal quarter for which financial statements have been provided. The Term H Loans mature on October 1, 2022. If certain specified repricing events occur prior to December 15, 2016, BPC will pay a fee to the applicable lenders equal to 1.00% of the outstanding principal amount of the Term H Loans subject to such repricing event.

Berry Plastics Corporation Announces Expiration of Registered Exchange Offer for $400 Million 6.00% Second Priority Senior Secured Notes Due 2022

Berry Plastics Group Inc. announced that Berry Plastics Corporation’s, Berry’s wholly owned subsidiary offer to exchange any and all of its outstanding $400 million 6.00% Second Priority Senior Secured Notes due 2022 that were issued on October 1, 2015, in a private placement, for $400 million 6.00% Second Priority Senior Secured Notes due 2022 that have been registered under the Securities Act of 1933, as amended, expired at 5:00 p.m., New York City time, on June 13, 2016. Berry has been advised that tenders with respect to 100% of the $400 million aggregate principal amount of the private notes were received prior to the expiration of the exchange offer. Berry expects the issuer to complete the exchange offer and issue the registered notes in exchange for the private notes on or about June 16, 2016, subject to certain customary conditions.

Berry Plastics Corporation Announces Exchange Offer for the $400 Million 6.00% Second Priority Senior Notes Due 2022

Berry Plastics Group Inc. announced the commencement by Berry Plastics Corporation of an offer to exchange $400 million of the company’s 6.00% second priority senior notes due 2022 that have been registered under the Securities Act of 1933 for $400 million of the Company’s outstanding 6.00% Second Priority Senior Notes due 2022 that were issued on October 1, 2015 in a private placement. The exchange offer is being conducted upon the terms and subject to the conditions set forth in a prospectus dated May 12, 2016, and the related letter of transmittal. The Exchange Notes are identical in all material respects to the Outstanding Notes, except that the Exchange Notes will be registered under the Securities Act of 1933, the Exchange Notes bear a different CUSIP number from the Outstanding Notes, the Exchange notes will not be subject to transfer restrictions or entitled to registration rights, and the holders of the Exchange Notes will not be entitled to certain rights under the registration rights agreement, including the provisions for an increase in the interest rate on the Outstanding Notes in some circumstances relating to the timing of the exchange offer. The exchange offer is limited to holders of the Outstanding Notes. The exchange offer is scheduled to expire at 5:00 p.m. Eastern Time on June 13, 2016, unless extended. Outstanding Notes tendered pursuant to the exchange offer may be withdrawn at any time prior to the expiration date by following the procedures set forth in the exchange offer prospectus and the related letter of transmittal.

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Recent Private Companies Transactions

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Date
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No transactions available in the past 12 months.
 

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