Item 2.04 - Triggering Events That Accelerate or Increase a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.

On January 15, 2021, Pactiv Evergreen Inc. (the "Company") issued a notice of redemption to The Bank of New York Mellon, as trustee, to redeem all of its approximately $59 million outstanding aggregate principal amount of 5.125% senior secured notes due 2023 (the "Notes"), which are governed by that certain indenture dated as of June 27, 2016, among Pactiv Evergreen Group Issuer Inc., Pactiv Evergreen Group Issuer LLC, The Bank of New York Mellon, as trustee, principal paying agent, transfer agent, collateral agent, registrar and calculation agent and Wilmington Trust (London) Limited, as additional collateral agent, as amended or supplemented from time to time (the "Indenture"). The redemption date will be February 14, 2021 (the "Redemption Date"), with the redemption payment occurring on February 16, 2021. The redemption price for the Notes will be calculated in accordance with the Indenture and will be equal to 101.281% of the principal amount thereof plus accrued but unpaid interest to, but not including, the Redemption Date. The applicable notice of redemption will be sent to the registered holders of the Notes.

This Form 8-K shall not be considered to be a notice of redemption pursuant to the Indenture.

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