Business News

Reynolds Group Holdings Limited Announces Entry into Bank Amendment and Anticipated Funding of Pactiv Acquisition

Tuesday 05. October 2010 - Reynolds Group Holdings Limited ("Reynolds Group") previously announced on 8 September 2010 that it intended to finance the acquisition of Pactiv Corporation ("Pactiv") and associated transaction costs with a combination of approximately US$1.5 billion of additional indebtedness pursuant to an amendment to its existing Senior Secured Credit Facility, approximately US$3.5 billion of new senior indebtedness, of which approximately US$2.0 billion was expected to be secured, and approximately US$734 million of new equity and available cash.

Reynolds Group today announced that on 30 September 2010 it entered into an amendment to its existing Senior Secured Credit Facility pursuant to which incremental lenders committed to provide incremental term loans in an aggregate principal amount equal to US$2,020 million, to be funded on, or in escrow prior to, the closing date of the acquisition of Pactiv. The proceeds of such incremental term loans will be used to finance, in part, the acquisition and associated transaction costs.

Reynolds Group today announced that it intends to finance the acquisition of Pactiv and associated transaction costs with the revised capital structure consisting of a combination of US$2,020 million aggregate principal amount of additional indebtedness under its Senior Secured Credit Facility, approximately US$3.0 billion of new senior indebtedness, of which approximately US$1.5 billion is expected to be secured, and approximately US$734 million of new equity and available cash.