A Bloomberg report said Berry Plastics Group Inc is looking to refinance its debt. Citing a person who is knowledgeable about the transaction, the report said that the Evansville, Indiana-based firm backed by Apollo Global Management, is offering to pay interest that is 2.75 percentage points to 3 percentage points higher than the London interbank offered rate. The rate will be for a loan amounting to $1.13 billion that will mature in seven years. Libor will have a minimum of 1%, the report said.

A press release from Berry Plastics Group Inc which appeared on The Wall Street Journal, meanwhile, said that the packaging manufacturer plans to get commitments for a $1.125 billion of first lien senior secured term loans that will be structured as an incremental facility under its existing term loan credit agreement.

Berry Plastics said it plans to use the proceeds from the loan to prepay its outstanding Term C Loans that will mature in two years in April 2015 under its existing term loan credit agreement. The statement said Berry is still talking with lenders about the new loan but there is no assurance that it would be getting the commitments or that the refinancing will happen.

Bloomberg reported that deal is being arranged by Credit Suisse Group and that investors were already asked to inform the bank by December 17 if they want to participate. The news outlet's source spoke on the condition of anonymity because no terms have been set.

In its press release, Berry Plastics said it provides value-added plastic consumer packaging and engineered materials to customers. It posted annual net sales of $4.6 billion for the fiscal year 2013. It trades in the New York Stock Exchange under the ticker BERY. Information from its website said that the company has completed over 30 acquisitions since 1990.