...January 11, 2021 NEW YORK (S&P Global Ratings) Jan. 11, 2021--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 $500 million-$800 million range and that the company will use them to reduce debt outstanding on its term loan due October 2022. We expect the notes to mature in three years. This issuance follows the company's recent Dec. 22, 2020 offering of $750 million of 1.57% first-priority senior secured notes due Jan. 15, 2026, which were also used to repay borrowings under the October 2022 term loan. The issuer credit rating on Berry Global Group Inc. remains '##+' and the outlook remains stable. 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...
