Hart’s Reynolds Group sells $US650m unsecured notes

Graeme Hart’s packaging company Reynolds Group is planning a private offering of $US650 million of senior, unsecured notes to repay existing debt.

Auckland-based Reynolds Group has total borrowings of $US17.87 billion across its various divisions including packaging brands such as Evergreen, Graham Packing Co., Pactiv, Reynolds Consumer Products and Sig.

Proceeds from the new note offering will be used to redeem its existing €480 million ($642 million) in 8% senior notes due 2016, Reynolds says.

 

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