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Amcor Finance (USA), Inc. And Bemis Company, Inc. Announce Results Of Early Tenders In Exchange Offers And Consent Solicitations For US$2.2 Billion Of Notes

ZURICH and NEENAH, Wis., May 22, 2019 /PRNewswire/ -- Amcor Finance (USA), Inc. ("AFUI") and Bemis Company, Inc. ("Bemis") (BMS) today announced that the requisite number of consents have been received to adopt the Proposed Amendments (as defined below) with respect to all outstanding notes of the series set forth in the table below issued by AFUI (the "Existing Amcor Notes") and Bemis (the "Existing Bemis Notes" and, collectively, the "Existing Notes"). The results are based on early tenders in (i) the offers to exchange by AFUI and Bemis (each, an "Exchange Offer" and collectively, the "Exchange Offers") any and all outstanding Existing Notes, as applicable, for the consideration summarized in the table below, consisting of new notes to be issued by AFUI (the "New Amcor Notes") and Bemis (the "New Bemis Notes" and, collectively, the "New Notes"), as applicable, and (ii) the related consent solicitations by AFUI and Bemis with respect to each series of its corresponding Existing Notes from Eligible Holders (as defined below) (each, a "Consent Solicitation" and collectively, the "Consent Solicitations") to certain amendments to the applicable indenture for that series of Existing Notes (the "Proposed Amendments").

As of 5:00 p.m. New York City time, on May 21, 2019 (the "Early Participation Time"), the principal amounts of Existing Notes set forth in the table below had been validly tendered and not validly withdrawn (and consents thereby validly given and not validly revoked).

Title of Security/CUSIP Number/ISIN Number

 

 

Issuer

Maturity Date

Aggregate Principal Amount Outstanding

 

 

 

Notes Tendered at Early Participation Time





Principal Amount

Percentage

6.800% Senior Notes due 2019(1)/

CUSIP: 081437AF2

ISIN: US081437AF22

 

Bemis Company, Inc.

08/1/2019

US$400,000,000

 

US$288,408,000

 

72.10%







4.500% Senior Notes due 2021/

CUSIP: 081437AH8

ISIN: US081437AH87

 

Bemis Company, Inc.

10/15/2021

US$400,000,000

 

US$344,631,000

 

86.16%







3.100% Senior Notes due 2026/

CUSIP: 081437AJ4

ISIN: US081437AJ44

 

Bemis Company, Inc.

09/15/2026

US$300,000,000

 

US$293,006,000

 

97.67%











Principal Amount

Percentage

3.625% Guaranteed Senior Notes due 2026/

CUSIP: 144A: 02343UAA3

and Reg S: U02411AA1

ISIN: 144A: US02343UAA34 and Reg S: USU02411AA18

 

 

Amcor Finance (USA), Inc.

04/28/2026

US$600,000,000

 

 

US$590,406,000

 

 

98.40%







4.500% Guaranteed Senior Notes due 2028/

CUSIP: 144A: 02343UAB1 and Reg S: U02411AB9

ISIN: 144A: US02343UAB17 and Reg S: USU02411AB90

 

 

Amcor Finance (USA), Inc.

05/15/2028

US$500,000,000

 

 

US$497,450,000

 

 

99.49%



Notes:

(1)

Inclusion of this series in the Exchange Offer assumes the Settlement Date occurs before the maturity date of this series.

Eligible Holders who tendered and did not validly withdraw Existing Notes at or prior to the Early Participation Time will be eligible to receive, in exchange for each US$1,000 principal amount of Existing Notes, (a) US$1,000 principal amount of New Notes of the applicable series and (b) US$1.00 in cash.

The Withdrawal Time (as defined in the Offering Memorandum and Consent Solicitation Statement (defined below)) has passed. Tenders of any particular series of Existing Notes made at any time at or before the Withdrawal Time may not be withdrawn, except in certain limited circumstances where additional withdrawal rights may be required by law.

The Exchange Offers and Consent Solicitations will expire at 11:59 p.m., New York City time, on June 5, 2019, unless extended (such date and time with respect to any Exchange Offer and Consent Solicitation, as the same may be extended for such Exchange Offer and Consent Solicitation, the "Expiration Time"). Eligible Holders who validly tender and who do not validly withdraw Existing Notes after the Early Participation Time but at or prior to the Expiration Time, and whose Existing Notes are accepted for exchange, will be eligible to receive, in exchange for each US$1,000 principal amount of Existing Notes, (a) US$970 principal amount of New Notes of the applicable series and (b) US$1.00 in cash.

All Eligible Holders whose Existing Notes are validly tendered and accepted for exchange in the applicable Exchange Offer and Consent Solicitation will also receive the applicable accrued and unpaid Interest and Rounding Cash Payment (as defined in the Offering Memorandum and Consent Solicitation Statement) in cash.

Each Exchange Offer and Consent Solicitation is subject to the satisfaction of conditions set forth in the Offering Memorandum and Consent Solicitation Statement including, among other things, the consummation of the Transaction (as defined in the Offering Memorandum and Consent Solicitation Statement) (the "Transaction Condition") which condition may not be waived or amended and the completion of every other Exchange Offer and Consent Solicitation. AFUI or Bemis may generally waive any such conditions, with the exception of the Transaction Condition, with respect to their applicable Exchange Offers and Consent Solicitations in their sole discretion at or prior to the Expiration Time. Each of AFUI and Bemis expressly reserve the right, subject to applicable law, in their sole discretion to terminate the applicable Exchange Offers and Consent Solicitations and not accept any Existing Amcor Notes or Existing Bemis Notes, respectively. The complete terms of the Exchange Offers and Consent Solicitations are set out in a confidential exchange offer memorandum and consent solicitation statement, dated May 8, 2019 (the "Offering Memorandum and Consent Solicitation Statement").

AFUI and Bemis have not registered, and will not register, the New Notes under the U.S. Securities Act of 1933, as amended (the "Securities Act"), any state securities laws or the securities laws of any other jurisdiction. The New Notes may not be offered or issued in the United States or to any "U.S. persons" (as defined in Rule 902 under the Securities Act), or any person acting for the account or benefit of U.S. persons, except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act. The New Notes will be offered for exchange only to: (1) "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) in the United States; (2) persons that are not, and are not acting for the account or benefit of, U.S. persons outside the United States in compliance with Regulation S under the Securities Act and, if resident or located in a member state of the European Economic Area, persons who are (a) 'qualified investors' within the meaning of Article 2(1)(e) of Directive 2003/71/EC and (b) not retail investors. Only holders of Existing Notes who complete and return an eligibility certification ("Eligible Holders") are authorized to receive and review the Offering Memorandum and Consent Solicitation Statement and to participate in the Exchange Offers and Consent Solicitations. No assurance can be given that the Exchange Offers and Consent Solicitations will be completed.

Holders of the Existing Notes who desire a copy of the eligibility letter may contact Global Bondholder Services Corporation, the Information and Exchange Agent for the Exchange Offers and Consent Solicitations, by telephone at +1 212 430 3774 or +1 866 924 2200 or by email at info@gbsc-usa.com. A copy of the eligibility letter related to the Existing Amcor Notes may also be completed at http://gbsc-usa.com/eligibility/amcor, and a copy of the eligibility letter related to the Existing Bemis Notes may be completed at http://gbsc-usa.com/eligibility/bemis.

This announcement is for informational purposes only and does not constitute an offer to purchase, nor a solicitation of an offer to sell, the Existing Notes or an offer to sell, nor a solicitation of an offer to buy, any New Notes, nor shall any such offer, solicitation or sale occur in any state or jurisdiction in which such offer, solicitation or sale would be unlawful. Any person who is considering participating in the Exchange Offers and Consent Solicitations must obtain a copy of the Offering Memorandum and Consent Solicitation Statement from AFUI, Bemis or the Information and Exchange Agent.

The communication of this announcement and any other document or materials relating to the issue of the New Notes discussed herein is not being made, and such documents and/or materials have not been approved, by an authorized person for the purposes of section 21 of the United Kingdom's Financial Services and Markets Act 2000, as amended (the "FSMA"). Accordingly, such documents and/or materials are not being distributed to, and must not be passed on to, the general public in the United Kingdom. The communication of such documents and/or materials as a financial promotion is only being made to those persons in the United Kingdom who have professional experience in matters relating to investments and who fall within the definition of investment professionals (as defined in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005, as amended (the "Financial Promotion Order")), or who fall within Article 43(2) of the Financial Promotion Order, or who are other persons to whom it may otherwise lawfully be made under the Financial Promotion Order (all such persons together being referred to as "relevant persons"). In the United Kingdom, the New Notes discussed herein are only available to, and any investment or investment activity to which this announcement relates will be engaged in only with, relevant persons. Any person in the United Kingdom that is not a relevant person should not act or rely on this announcement or any of its contents.

 

Cision

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