Pactiv Evergreen Inc. announced that the Company successfully completed the repricing and upsizing of its $990 million senior secured Term Loan B due September 24, 2028 (the ?B-4 Term Loans?) and the subsequent prepayment of its $690 million senior secured Term Loan B due February 4, 2026 (the ?B-2 Term Loans?). This transaction reduced the interest rate margin applicable to the B-4 Term Loans by 75 basis points, from 3.25% to 2.50%, and removed the 11 basis point credit spread adjustment from the pricing structure of the B-4 Term Loans. In addition, the B-4 Term Loans were upsized, at par, by $340 million, increasing the principal balance to $1.33 billion.

The proceeds of the B-4 Term Loans, together with the proceeds of a $350 million draw upon the Company?s revolving credit facility, were used to prepay in full the B-2 Term Loans. Collectively, the repricing and prepayment reduce the Company?s annualized cash interest expense by approximately $14 million.