Berry rewarded for braving election week as bond balloons to €1bn
Investors gobbled up a high yield bond offering by US plastic packaging company Berry on Thursday, encouraging the company to increase the size twice, eventually reaching over €1bn. Berry is the only speculative grade company to issue a major bond this week in Europe, as most issuers stayed away from a market anxious about the UK general election.
Berry Global, an Indiana-based Fortune 500 company rated Ba3/BB+, ended up issuing €1.075bn — after first increasing the size from an initial €725m to €900m. The proceeds will be used for refinancing, cutting the company’s interest expenses and weakening the covenants it must adhere to.Besides the size increase, ...
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