Deals
Rank’s Pactiv Buyout May Use Up to $5 Billion of Debt
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Rank Group Ltd., owned by New Zealand’s richest man, Graeme Hart, may borrow as much as $5 billion to help pay for its acquisition of Pactiv Corp., the maker of Hefty trash bags.
Credit Suisse Group AG, HSBC Holdings Plc and Australia & New Zealand Banking Group Ltd. agreed to provide the debt, Lake Forest, Illinois-based Pactiv said today in a regulatory filing. If the banks provide the full amount, Rank Group would finance 83 percent of the $6 billion takeover with borrowed money.