Berry Plastics Group filed with U.S. regulators on Friday to raise up to $500 million in an initial public offering of its shares. The Evansville, Indiana-based company told the U.S. Securities and Exchange Commission in a preliminary prospectus that it intends to use the proceeds from the offering partly to repay debt.Berry said in the filing that after completion of the offering, funds affiliated with Apollo Global Management LLC will continue to own a majority of the voting power.Berry Plastics, whose products are used to make containers and bottles to package food items and medicines among other things, did not name any underwriter for the offering.The filing did not reveal how many shares the company plans to issue or their expected price.
Apollo Global Management, LLC (Apollo) is a global alternative asset manager. Shares of APO remained unchanged at $14.27. In the past year, the shares have traded as low as $8.85 and as high as $19.00. On average, 271652 shares of APO exchange hands on a given day and today's volume is recorded at 0.
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