Berry Plastics Corporation -- Moody's rates new term loans following Berry's repricing, existing ratings unchanged

New York, June 22, 2016 -- Moody's Investors Service ("Moody's") assigned a Ba3 rating to the $814 million First Lien Senior Secured Term Loan due 2021 and a Ba3 rating to the $1,995 million First Lien Senior Secured Term Loan due 2022 of Berry Plastics Corporation, a subsidiary of Berry Plastics Group, Inc. ("Berry"). The company's B1 corporate family rating, B1-PD probability of default rating and other instrument ratings were unchanged (see rating detail below). The proceeds from the new loans, along with $130 million of cash from the balance sheet, will be used to refinance debt as well as pay fees and expenses related to the transaction. The rating outlook is stable.

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