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

Pactiv Evergreen

20/07/2021 15:34

July 20 (Reuters) - Pactiv Evergreen Inc  PTVE.O :
    * 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:  PTVE.O 

 ((Reuters.Briefs@thomsonreuters.com;))