Berry Global Inc.'s Proposed Benchmark-Sized First-Priority Senior Secured Notes Rated 'BBB-' (Recovery Rating: '2')

NEW YORK (S&P Global Ratings) Dec. 14, 2020--S&P Global Ratings said today that it is assigning its 'BBB-' issue-level rating and '2' recovery rating (rounded estimate: 70%) to Berry Global Inc.'s proposed benchmark-sized first-priority senior secured notes. We expect proceeds to be in the $400 million - $500 million range, with the company using them to reduce debt outstanding on its term loan due October 2022 ($1.545 billion outstanding at its fiscal Sept. 26, 2020, fiscal year-end). The issuer credit rating remains 'BB+' and the outlook remains stable on Berry Global Group Inc. Berry is a leading global producer of flexible and rigid plastic packaging products, protective films, specialty nonwoven materials, and adhesives. The company's performance has been solid through

...December 15, 2020 NEW YORK (S&P Global Ratings) Dec. 14, 2020--S&P Global Ratings said today that it is assigning its '###-' issue-level rating and '2' recovery rating (rounded estimate: 70%) to Berry Global Inc.'s proposed benchmark-sized first-priority senior secured notes. We expect proceeds to be in the $400 million - $500 million range, with the company using them to reduce debt outstanding on its term loan due October 2022 ($1.545 billion outstanding at its fiscal Sept. 26, 2020, fiscal year-end). The issuer credit rating remains '##+' and the outlook remains stable on Berry Global Group Inc. Berry is a leading global producer of flexible and rigid plastic packaging products, protective films, specialty nonwoven materials, and adhesives. The company's performance has been solid through 2020 because the COVID-19 pandemic has enhanced demand for its products with protective properties. Berry's July 2019 acquisition of RPC Group PLC accounted for most of the company's very strong sales...

Ratings Action