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Reynolds Consumer sets IPO terms

Reynolds Consumer Products Inc. on Jan. 21 disclosed the terms for its proposed IPO, under which it seeks to raise up to $1.32 billion.

The maker of Fresh-Lock reclosable pouches and Hefty trash bags will offer 47,170,000 shares of its common stock at a price of between $25 and $28 per share. It will trade on the Nasdaq Global Select Market under the symbol REYN.

Reynolds Consumer will also offer underwriters a 30-day option to acquire up to an additional 7,075,500 shares of its common stock. If the underwriters exercise this option, the company could raise up to $1.52 billion.

The packaging and storage supplies company said it expects net proceeds from the IPO to be about $1.20 billion, or about $1.40 billion if the underwriters exercise the option to buy additional shares. It plans to use the funds to repay amounts owed under the IPO settlement facility incurred as part of its corporate reorganization.

Credit Suisse Securities (USA) LLC, Goldman Sachs & Co. LLC and JPMorgan Securities LLC are the lead book-running managers for the planned offering.

Reynolds Consumer's net income for the nine months to Sept. 30, 2019, came in at $135 million, while total revenue reached approximately $2.20 billion.