Davis Polk advised Pactiv Evergreen Inc. on a Rule 144A/Regulation S offering of $1.0 billion aggregate principal amount of its 4.000% senior notes due 2027 by Reynolds Group Issuer Inc. and Reynolds Group Issuer LLC. The notes are guaranteed by Pactiv Evergreen Inc. and certain of its subsidiaries. The issuer intends to use the proceeds to repay $30 million aggregate principal amount of its existing term loan facility, $942 million aggregate principal amount of its 5.125% senior secured notes due 2023 and certain transaction costs.
In addition, Davis Polk advised Pactiv Evergreen Inc. on the refinancing of its existing term loan facility with new $1.25 billion senior secured refinancing term loans and the refinancing of its existing revolving facility with replacement revolving commitments in the amount of $250 million with the administrative agent and the lenders from time to time party thereto.
Pactiv Evergreen Inc. is the largest manufacturer and distributor of fresh foodservice and food merchandising products and fresh beverage cartons in North America and certain international markets. It supplies its products to a broad and diversified mix of companies, including full service restaurants and quick service restaurants, foodservice distributors, supermarkets, grocery and healthy eating retailers, other food stores, food and beverage producers, food packers and food processors. Pactiv Evergreen Inc. is headquartered in Lake Forest, Illinois.
The Davis Polk capital markets team included partners Byron B. Rooney and Pedro J. Bermeo, associates Amy Mao, Jacqueline Marino and Michael F. Power. The finance team included partner Meyer C. Dworkin and associates Christopher Nairn-Kim, Emily Durling and Andrew T. Wilson. The tax team included partner David H. Schnabel. All members of the Davis Polk team are based in the New York office.

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