Some $25 million of a planned $275 million bond offering for Berry Plastics has been shifted to the $305 million "B" term loan. A banker said the bond market has backed up whereas the loan was heavily oversubscribed, prompting the shift in funds. Pricing on the now $330 million institutional tranche also was flexed downward 25 basis points to LIBOR plus 3%. Officials at Goldman Sachs and J.P. Morgan, which are leading the financing package, declined to comment.
The $480 million bank deal also includes a $100 million revolver and a $50 million delayed-draw term loan. That portion of the facility has been filled out, with Royal Bank of Scotland, GE Capital, FleetBoston Financial and Webster Bank signing on. The whole deal, including the bonds, is expected to be wrapped up today.