Pactiv Evergreen (PTVE) just unveiled an announcement.
Pactiv Evergreen Inc. and its subsidiaries have successfully renegotiated their credit arrangements, resulting in a new $1,330 million term loan to pay off previous debts, with a maturity date set for September 24, 2028. The new loan eschews a credit spread adjustment, instead opting for interest rates based on SOFR plus 2.50% or the Alternate Base Rate plus 1.50%. Additionally, administrative responsibilities have been shifted from Credit Suisse to Wells Fargo. This financial maneuver was publicly announced the day following the agreement, emphasizing the company’s proactive approach to debt management.
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