REYNOLDS
IPO launch of group could raise USD 750m / Name change to Pactiv Evergreen
The coronavirus-related shutdowns have had a massive impact on the company’s food service packaging sales in Q2 (Photo: RGHL)
Reynolds Group Holdings (Auckland / New Zealand; www.reynoldsgroupholdings.com) filed a draft registration statement with the US Securities and Exchange Commission (SEC) to raise up to USD 100m through an initial public offering. The number of shares of stock to be offered and the price range per share for the proposed offering have not yet been determined.

The IPO is expected to commence after the SEC completes its review process, subject to market and other conditions. Reynolds Group Holdings will officially convert to a corporation and change its name to Pactiv Evergreen (Lake Forest, Illinois / USA) when the IPO begins.

Investment bank Renaissance Capital said the IPO announcement is likely a placeholder for a deal that could raise up to USD 750m. Reynolds booked USD 6.8 bn in revenue for the 12 months ending 30 June 2020, said Renaissance Capital.

The debt-ridden company created by New Zealand billionaire Graeme Hart in the 2010s has put several subsidiaries on the sale block as part of its refinancing efforts, including Reynolds Consumer Products (Lake Forest, Illinois) and Closure Systems International (Memphis, Tennessee / USA). The group will also distribute its subsidiary Graham Packaging (York, Pennsylvania / USA; www.grahampackaging.com) to shareholder Packaging Finance Limited prior to the IPO (see Plasteurope.com of 05.08.2020).
28.08.2020 Plasteurope.com [245805-0]
Published on 28.08.2020
Reynolds: Verpackungskonzern firmiert nach Börsengang als Pactiv EvergreenGerman version of this article...

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