Novolex Holdings, LLC has announced a cash tender offer for the 7.950% debentures due 2025 of Pactiv LLC, a wholly-owned subsidiary of Pactiv Evergreen Inc. The offer is being made in connection with the previously announced acquisition of Pactiv Evergreen Inc. The tender offer will expire at 5:00 p.m., New York City time, on April 7, 2025, unless extended or earlier terminated. The early tender time is set for 5:00 p.m., New York City time, on March 24, 2025.
The total consideration for each $1,000 principal amount of the notes validly tendered (and not validly withdrawn) prior to the early tender time and accepted for purchase pursuant to the tender offer will be calculated based on the fixed spread for the notes specified in the table provided in the offer to purchase. The tender offer consideration will be paid for notes that are validly tendered after the early tender time but prior to or at the expiration time and are accepted for purchase.
Novolex is also contingent upon the satisfaction of certain conditions, including the completion of the merger and the receipt of sufficient proceeds from the financing to pay for the tendered notes. UBS Investment Bank and Wells Fargo Securities, LLC are acting as dealer managers for the tender offer, while Global Bondholder Services Corporation is acting as the tender agent and information agent for the tender offer.
Novolex Holdings, LLC is a company that develops and manufactures diverse packaging products for multiple industries in the foodservice, delivery and carryout, food processor, and industrial markets. The company operates 56 manufacturing facilities in North America and Europe, including two world-class plastic film recycling centers.
The press release provides detailed information for potential participants in the tender offer and is available for informational purposes only, urging holders to evaluate carefully all information in the offer to purchase, consult their own investment and tax advisors, and make their own decisions whether to tender notes in the tender offer. Following these announcements, the company's shares moved 0.3%, and are now trading at a price of $17.88. Check out the company's full 8-K submission here.
