UPDATE 1-Berry Plastics Group files for IPO of up to $500 mln

March 23 Fri Mar 23, 2012 8:31am EDT

March 23 (Reuters) - 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.

The company also did not disclose the exchange it planned to list on or its preferred ticker symbol.

The amount of money a company says it plans to raise in its first IPO filings is used to calculate registration fees. The final size of the IPO could be different.

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