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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowEvansville-based Berry Plastics Group priced its initial public offering of 29.4 million shares at $16 per share, at the low end of its projected range.
The packaging products maker previously disclosed in a filing with the Securities and Exchange Commission that it expected to price the IPO between $16 and $18 per share.
Berry Plastics raised $470.4 million in the offering.
The underwriters have a 30-day option to buy up to an additional 4.4 million shares at $16 per share.
Berry Plastics also said in its regulatory filing that it plans to use some of the offering's net proceeds to redeem or buy back senior subordinated notes due 2016. Any remaining proceeds will be used for working capital and general corporate purposes.
Berry Plastics Group Inc.'s stock is expected to start trading on the New York Stock Exchange on Thursday under the BERY ticker symbol. The offering is expected to close on Tuesday.
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