Berry Global Group ( (BERY) ) has provided an announcement.
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Berry Global Group, Inc. is set to enhance its financial strategy by issuing $500 million in senior secured notes due 2031 through its subsidiary, with the proceeds aimed at facilitating a portion of a cash distribution linked to its merger with Glatfelter Corporation. The merger, involving Berry’s Health, Hygiene, and Specialties business, is structured as a Reverse Morris Trust transaction, with the future combined entity to be named Magnera Corporation. This move is part of a larger plan to reallocate existing credit facilities and manage Glatfelter’s indebtedness. The notes, restricted to qualified institutional buyers and non-U.S. investors, are a pivotal step in the companies’ transformation, enhancing their financial agility in the competitive global marketplace.
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