Novolex Holdings, LLC has announced the pricing of 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 acquisition of Pactiv Evergreen Inc. The tender offer will expire on April 7, 2025, unless extended or earlier terminated.
The total consideration for the debentures is $1,022.40 per $1,000 principal amount of notes validly tendered at or prior to the early tender time and accepted for purchase. This amount includes an early tender premium of $30 per $1,000 principal amount of notes.
The tender offer is contingent upon the completion of the merger and the receipt of sufficient proceeds from the financing to pay for the tendered notes. The offeror reserves the right to pay for the notes that are validly tendered prior to or at the early tender time on the early settlement date, which is intended to coincide with the closing of the merger.
Novolex Holdings, LLC is being assisted in the tender offer by UBS Investment Bank and Wells Fargo Securities, LLC as dealer managers, and Global Bondholder Services Corporation as the tender agent and information agent.
Novolex develops and manufactures diverse packaging products for multiple industries, operating 56 manufacturing facilities in North America and Europe. As a result of these announcements, the company's shares have moved 0.1% on the market, and are now trading at a price of $17.96. For more information, read the company's full 8-K submission here.
