10:18 AM EDT, 05/13/2024 (MT Newswires) -- Berry Global Group ( BERY ) said Monday its Berry Global Inc. unit started an offer to purchase for cash up to $500 million of its outstanding 4.875% first priority senior secured notes due 2026.

The tender offer is set to expire on June 11, the company said.

The company also said Monday that the unit intends to issue a new series of first priority senior secured notes.

The net proceeds from the offering are expected to be used to repurchase the unit's notes due 2026 that are validly tendered and accepted for purchase in the concurrent tender offer and to pay certain fees and expenses related to the offering and the tender offer, Berry Global Group ( BERY ) said.

Any remaining proceeds are expected to fund cash to the unit's balance sheet that may be used for general corporate purposes, the company said.

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