Pretium Packaging Initiates Comprehensive Capital Structure Optimization Transaction to Support Continued Growth

Transaction is expected to reduce funded debt by more than $900 million and provide over $175 million of liquidity through a pre-packaged consensual financial restructuring

Significant support from equity sponsor and existing lenders, including securing a $50 million new equity investment from Clearlake and more than $530 million of new near-term debt commitments from existing lenders

ST. LOUIS, Jan. 28, 2026 /PRNewswire/ -- Pretium Packaging, L.L.C. ("Pretium" or the "Company"), a full-service designer and producer of sustainable packaging solutions for specialized applications, today announced it has reached an agreement with its existing lenders and equity sponsor, Clearlake Capital Group, L.P. (together with its affiliates, "Clearlake"), to initiate a pre-packaged restructuring transaction designed to strengthen its capital structure and support the long-term growth of the Company.

The transaction is expected to reduce the Company's funded debt by more than $900 million, provide over $175 million of liquidity, and raise new debt and equity financing, including over $530 million of new near-term debt commitments from existing lenders and a $50 million new equity investment from Clearlake.

"Over the past few years, Pretium has continued to make significant strides in strengthening the business through improvements in manufacturing excellence, product innovation, and sustainability, achieving significant growth despite industry-wide headwinds within packaging," said James Rooney, Chief Executive Officer of Pretium Packaging. "Under our new, significantly de-leveraged capital structure, we are creating more flexibility to invest in our products, our people, and our customers. We're committed to completing this process as a stronger organization ready to seize new opportunities, deliver exceptional value to our customers, and deepen our role as a trusted partner to the vendors who help us succeed."

"Clearlake has been a committed partner to Pretium since 2020, and we've watched the business navigate an unprecedented set of macroeconomic challenges in the post-COVID economic environment with remarkable strength," said Clearlake's José E. Feliciano, Co-Founder and Managing Partner, and Arta Tabaee, Partner and Managing Director. "Our new investment into Pretium demonstrates our continued commitment to the business, and we will remain Pretium's leading equity partner including drawing on Clearlake's O.P.S.® capabilities to support Pretium's growth."

Naveen Shahani, Principal at Clearlake, added, "The consensual nature of this transaction reflects the shared conviction among us and the Company's lenders that Pretium is well-positioned for continued success, and we have tremendous confidence in James and the management team's ability to capitalize on the significant opportunities ahead."

As the recapitalization is implemented, Pretium will continue to operate in the ordinary course of business, providing best-in-class sustainable packaging solutions to its customers and fulfilling all vendor and supplier obligations in full for goods and services delivered both before and after the filing. The transaction already enjoys the support of approximately 90% of Pretium's secured lenders, including its ABL lender, Wells Fargo, and the Company continues to receive positive engagement from its remaining key stakeholders. The Company expects to complete the process in an expeditious manner. To implement the transaction, Pretium has filed pre-packaged Chapter 11 petitions in the United States Bankruptcy Court for the District of New Jersey.

Pretium is advised by Evercore as investment banker, Kirkland & Ellis as legal counsel and FTI Consulting as financial advisor. The ad hoc group of term loan lenders is advised by Moelis & Company LLC as exclusive financial advisor and investment banker and Milbank as legal counsel. Wells Fargo is advised by Morgan, Lewis & Bockius as legal counsel and Berkeley Research Group as financial advisor.        

About Pretium Packaging
Pretium specializes in innovation and automation of multiple rigid packaging technologies in a diverse set of end markets including food and specialty beverage, healthcare, health and wellness, personal care and beauty, and household and commercial products. The company's multi-use packaging solutions are based primarily on PET, HDPE, and polypropylene resin, with a wide array of options including up to 100% post-consumer recycled material content, making it a preferred choice for customers focused on sustainability. Pretium differentiates itself through responsiveness, breadth of product offerings, short changeover times, and a national footprint of 24 automated manufacturing facilities. More information is available at www.pretiumpkg.com.

About Clearlake
Clearlake Capital Group is a global investment firm managing integrated platforms spanning private equity, liquid and private credit, and other related strategies. Founded in 2006, the firm has more than $90 billion of assets under management and has led or co-led over 500 investments globally. With deep knowledge and operational expertise across the technology, industrials, and consumer sectors, Clearlake seeks to partner with experienced management teams, providing patient, long-term capital and aiming to drive value through its active hands-on operating approach, O.P.S.® (Operations, People, Strategy). Headquartered in Santa Monica, Clearlake maintains a global footprint with offices in Dallas, New York, London, Dublin, Luxembourg, Abu Dhabi, Tokyo, and Singapore. For more information, please visit Clearlake.com or follow us on LinkedIn.

Media Contacts
Rachel Chesley/Rose Temple
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SOURCE Pretium Packaging