Pactiv Evergreen Inc

-0.31 (-2.14%)
Debt Financing / Related, Other Pre-Announcement

Pactiv Evergreen Says Pactiv Llc Entered Agreement With Massachusetts Mutual Life Insurance Co

Published: 07/20/2021 14:40 GMT
Pactiv Evergreen Inc (PTVE) - Pactiv Evergreen - on July 14, Pactiv Llc Entered Into Commitment Agreement With Massachusetts Mutual Life Insurance Company.
Pactiv Evergreen Inc - Pactiv Llc Will Purchase a Non-participating Group Annuity Contract From Insurer.
Pactiv Evergreen - Pactiv Llc Will Transfer to Insurer Future Benefit Obligations, Annuity Administration for About 16,300 Retirees, Beneficiaries.
Pactiv Evergreen Inc - by Transferring These Obligations to Insurer, Co Will Reduce Its Gross Pension Plan Liabilities by About $950 Million.
Pactiv Evergreen Inc - Purchase of Annuity Contract Will Be Funded Directly by Assets of Plan.
Pactiv Evergreen Inc - As a Result of Transaction, Expects to Recognize a Non-cash Pre-tax Pension Settlement Gain of About $30 Million in Q3 of 2021.
Further Company Coverage: Ptveo ((reuters.