Amcor Announces Expiration and Results of Solicitations for Berry’s Outstanding Notes
Amcor plc announced the expiration and results of its consent solicitations from holders of Berry Global's outstanding notes, including various First Priority Senior Secured Notes due between 2027 and 2034. The solicitations, which expired on March 5, 2025, successfully obtained the required consents for proposed amendments to the notes' indentures.
The company entered into supplemental indentures with trustees and notes collateral agents for each series. While these became effective immediately upon execution, consent payments will only be made to holders who validly delivered (and did not revoke) consents, and only upon the consummation of the merger between Amcor and Berry.
The consent solicitations were managed by Goldman Sachs & Co. and UBS Investment Bank as lead solicitation agents, with BofA Securities, J.P. Morgan Securities, and Mizuho Securities USA serving as co-solicitation agents.
Amcor plc ha annunciato la scadenza e i risultati delle sue richieste di consenso da parte dei detentori delle obbligazioni in circolazione di Berry Global, comprese varie Note Senior Garantite di Prima Priorità con scadenza tra il 2027 e il 2034. Le richieste, scadute il 5 marzo 2025, hanno ottenuto con successo i consensi richiesti per le modifiche proposte ai contratti delle note.
L'azienda ha stipulato contratti supplementari con i fiduciari e gli agenti di garanzia delle note per ciascuna serie. Sebbene questi siano diventati efficaci immediatamente dopo la firma, i pagamenti dei consensi saranno effettuati solo ai detentori che hanno validamente consegnato (e non hanno revocato) i consensi, e solo al termine della fusione tra Amcor e Berry.
Le richieste di consenso sono state gestite da Goldman Sachs & Co. e UBS Investment Bank in qualità di agenti principali, con BofA Securities, J.P. Morgan Securities e Mizuho Securities USA che hanno svolto il ruolo di co-agenti di sollecitazione.
Amcor plc anunció la expiración y los resultados de sus solicitudes de consentimiento de los tenedores de las notas en circulación de Berry Global, incluidas varias Notas Senior Garantizadas de Primera Prioridad con vencimiento entre 2027 y 2034. Las solicitudes, que expiraron el 5 de marzo de 2025, obtuvieron con éxito los consentimientos requeridos para las enmiendas propuestas a los contratos de las notas.
La empresa celebró contratos suplementarios con los fideicomisarios y agentes de garantía de las notas para cada serie. Aunque estos entraron en vigor inmediatamente después de la ejecución, los pagos de consentimiento solo se realizarán a los tenedores que entregaron válidamente (y no revocaron) los consentimientos, y solo tras la consumación de la fusión entre Amcor y Berry.
Las solicitudes de consentimiento fueron gestionadas por Goldman Sachs & Co. y UBS Investment Bank como agentes de solicitud principales, con BofA Securities, J.P. Morgan Securities y Mizuho Securities USA actuando como co-agentes de solicitud.
Amcor plc는 Berry Global의 미상환 채권 보유자들로부터의 동의 요청의 만료 및 결과를 발표했습니다. 여기에는 2027년과 2034년 사이에 만기가 도래하는 여러 개의 우선 담보 채권이 포함됩니다. 이 요청은 2025년 3월 5일에 만료되었으며, 채권 계약에 대한 수정 제안에 필요한 동의를 성공적으로 얻었습니다.
회사는 각 시리즈에 대해 수탁자 및 채권 담보 에이전트와 보충 계약을 체결했습니다. 이러한 계약은 서명 즉시 효력을 발생하지만, 동의를 유효하게 제출한(그리고 철회하지 않은) 보유자에게만 동의 금액이 지급되며, Amcor와 Berry 간의 합병이 완료된 후에만 지급됩니다.
동의 요청은 Goldman Sachs & Co.와 UBS Investment Bank가 주요 요청 에이전트로 관리하였으며, BofA Securities, J.P. Morgan Securities 및 Mizuho Securities USA가 공동 요청 에이전트로 활동했습니다.
Amcor plc a annoncé l'expiration et les résultats de ses sollicitations de consentement auprès des détenteurs des obligations en circulation de Berry Global, y compris diverses Obligations Senior Garanties de Première Priorité arrivant à échéance entre 2027 et 2034. Les sollicitations, qui ont expiré le 5 mars 2025, ont réussi à obtenir les consentements requis pour les modifications proposées aux contrats des obligations.
L'entreprise a conclu des contrats supplémentaires avec des fiduciaires et des agents de garantie des obligations pour chaque série. Bien que ceux-ci soient entrés en vigueur immédiatement après leur signature, les paiements de consentement ne seront effectués qu'aux détenteurs ayant valablement remis (et n'ayant pas révoqué) leurs consentements, et uniquement après la réalisation de la fusion entre Amcor et Berry.
Les sollicitations de consentement ont été gérées par Goldman Sachs & Co. et UBS Investment Bank en tant qu'agents principaux, avec BofA Securities, J.P. Morgan Securities et Mizuho Securities USA agissant en tant qu'agents de co-solicitation.
Amcor plc gab die Ablauffrist und die Ergebnisse seiner Zustimmungsgesuche von den Inhabern der ausstehenden Anleihen von Berry Global bekannt, einschließlich verschiedener vorrangiger, besicherter Anleihen mit Fälligkeiten zwischen 2027 und 2034. Die Gesuche, die am 5. März 2025 abgelaufen sind, haben erfolgreich die erforderlichen Zustimmungen für die vorgeschlagenen Änderungen an den Anleihebedingungen erhalten.
Das Unternehmen hat mit Treuhändern und Anleihebesicherungsagenten für jede Serie ergänzende Verträge abgeschlossen. Diese traten sofort nach der Unterzeichnung in Kraft, aber die Zustimmungszahlungen werden nur an Inhaber geleistet, die gültig Zustimmungen abgegeben haben (und diese nicht widerrufen haben), und nur nach Abschluss der Fusion zwischen Amcor und Berry.
Die Zustimmungsgesuche wurden von Goldman Sachs & Co. und UBS Investment Bank als Hauptantragsteller verwaltet, wobei BofA Securities, J.P. Morgan Securities und Mizuho Securities USA als Co-Antragsteller fungierten.
- Successfully obtained required consents for all note series
- Supplemental indentures executed and effective immediately
- Consent payments contingent on merger completion
- Additional debt obligations to be assumed post-merger
Insights
Amcor's successful consent solicitation from Berry Global's noteholders represents a significant procedural milestone in the pending acquisition. By securing the required consents for all five series of Berry's senior secured notes, Amcor has cleared a potential obstacle to merger completion.
The execution of supplemental indentures modifying the terms of roughly
From Berry's perspective (BERY), this development reduces uncertainty around the transaction's debt structure. The consent payments, while representing an additional transaction cost for Amcor, effectively compensate noteholders for accepting the proposed amendments and waiving certain rights that would typically protect them during ownership changes.
This methodical approach to addressing Berry's complex capital structure demonstrates Amcor's commitment to completing the transaction with minimal disruption. For Berry investors, this progression toward merger completion is a positive sign that the acquisition remains on track, with appropriate consideration for existing debt obligations.
The market appears to have already largely priced in this merger, but confirmation of these procedural steps helps solidify the likelihood of deal completion, which is critically important given the size and complexity of combining these two packaging giants.
The Consent Solicitations were made pursuant to the terms of and subject to the conditions set forth in the Consent Solicitation Statement, dated February 26, 2025 (the “Statement”). Each term which is defined or given a special meaning in the Statement has the same meaning whenever it is used in this press release.
The Consent Solicitations expired at 5:00 p.m.,
As of the Expiration Date and as reported by Global Bondholder Services Corporation, requisite consents to the Proposed Amendments have been validly delivered (and not validly revoked) by Holders of each series of Notes. Accordingly, Amcor has obtained the consents required to effect the Proposed Amendments under the terms of each of the Indentures.
Subject to the terms and conditions set forth in the Statement, all Holders as of the Record Date who validly delivered (and did not validly revoke) their consents on or prior to the Revocation Deadline are eligible to receive a cash payment (the “Consent Payment”) equal to the following:
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On March 5, 2025, the Berry Issuer entered into a supplemental indenture (each such supplemental indenture, individually a “Supplemental Indenture,” and collectively, the “Supplemental Indentures”) with the applicable trustee and notes collateral agent for each series of Notes to effect the Proposed Amendments in accordance with the Statement. Each Supplemental Indenture became effective immediately upon execution thereof and is binding on all Holders of such series of Notes, including those who did not deliver (or delivered and validly revoked) a consent by the Expiration Date. However, the Consent Payments with respect to such series of Notes will only be paid to Holders who validly delivered (and did not validly revoke) consents, and will not be paid until the consummation of the Merger, if the Merger is consummated. The Proposed Amendments with respect to such series of Notes will become operative only if Amcor makes the Consent Payment. Amcor expects to pay the Consent Payments upon consummation of the Merger, if the Merger is consummated.
Goldman Sachs & Co. LLC and UBS Investment Bank were the lead solicitation agents of the Consent Solicitations and BofA Securities, Inc., J.P. Morgan Securities LLC (exclusively with respect to Notes denominated in
This press release is for informational purposes only and is neither an offer to sell nor a solicitation of an offer to buy any security. The Consent Solicitations were made solely by the Statement referred to above and related materials and are subject to the terms and conditions stated therein. Neither the Statement nor any documents related to the Consent Solicitations have been filed with, or approved or reviewed by, any federal or state securities commission or regulatory authority of any country. No authority has passed upon the accuracy or adequacy of the Statement or any documents related to the Consent Solicitations, and it is unlawful and may be a criminal offense to make any representation to the contrary.
About Amcor
Amcor plc (NYSE: AMCR; ASX: AMC), is a global leader in developing and producing responsible packaging solutions across a variety of materials for food, beverage, pharmaceutical, medical, home and personal-care, and other products. Amcor works with leading companies around the world to protect products, differentiate brands, and improve supply chains. Amcor offers a range of innovative, differentiating flexible and rigid packaging, specialty cartons, closures and services. Amcor is focused on making packaging that is increasingly recyclable, reusable, lighter weight and made using an increasing amount of recycled content. In fiscal year 2024, 41,000 Amcor people generated
About Berry
Berry Global Group, Inc. (NYSE: BERY) creates innovative packaging solutions that it believes make life better for people and the planet. Berry does this every day by leveraging its unmatched global capabilities, sustainability leadership, and deep innovation expertise to serve customers of all sizes around the world. Harnessing the strength in our diversity and industry-leading talent of over 34,000 global employees across more than 200 locations, Berry partners with customers to develop, design, and manufacture innovative products with an eye toward the circular economy. The challenges Berry solves and the innovations it pioneers benefits its customers at every stage of their journey.
Cautionary Statement Regarding Forward-Looking Statements
The information contained in this press release includes certain statements that are “forward-looking statements” within the meaning of federal securities laws. Some of these forward-looking statements can be identified by words like “anticipate,” “approximately,” “believe,” “commit,” “continue,” “could,” “estimate,” “expect,” “forecast,” “intend,” “may,” “outlook,” “plan,” “potential,” “possible,” “predict,” “project,” “target,” “seek,” “should,” “will,” or “would,” the negative of these words, other terms of similar meaning or the use of future dates. Examples of forward-looking statements include statements as to the satisfaction of any conditions relating to the potential consummation of the Merger and the payment of any Consent Payments as a result thereof.
Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on Amcor management’s and Berry management’s current beliefs, expectations and assumptions regarding the future of Amcor’s and Berry’s business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of Amcor’s and Berry’s control. You should not place undue reliance on these forward-looking statements, which apply only as of the date of this press release. Amcor’s, Berry’s and the combined company’s actual results and financial condition may differ materially from those indicated in the forward-looking statements as a result of various factors. These factors include, among other things, (i) the termination of or occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement or the inability to complete the Merger on the anticipated terms and timetable, (ii) the inability to complete the Merger due to the failure to satisfy any condition to closing in a timely manner or at all, or the risk that a regulatory approval that may be required for the Merger is delayed, is not obtained or is obtained subject to conditions that are not anticipated, (iii) the risks related to Amcor and Berry being restricted in the operation of their respective businesses while the Merger Agreement is in effect, (iv) the ability to obtain financing in connection with the transactions contemplated by the Merger on favorable terms, if at all, (v) the ability to recognize the anticipated benefits of the Merger, which may be affected by, among other things, the ability of the combined company to maintain relationships with its customers and retain its management and key employees, (vi) the ability of the combined company to achieve the synergies contemplated by the Merger or such synergies taking longer to realize than expected, (vii) costs related to the Merger, (viii) the ability of the combined company to execute successfully its strategic plans, (ix) the ability of the combined company to promptly and effectively integrate the Amcor and Berry businesses, (x) the risk that the credit rating of the combined company may be different from what Amcor and Berry expect, (xi) the diversion of Amcor management’s and Berry management’s time and attention from ordinary course business operations to the consummation of the Merger and integration matters, (xii) potential liability resulting from pending or future litigation relating to the Merger and (xiii) the risks, uncertainties and assumptions described in the section entitled “Solicitation Considerations” in the Statement. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included elsewhere. Additional information concerning risks, uncertainties and assumptions can be found in Amcor’s and Berry’s respective filings with the SEC, including the risk factors discussed in Amcor’s and Berry’s most recent Annual Reports on Form 10-K, as updated by their Quarterly Reports on Form 10-Q and other filings with the SEC. Amcor, Berry and the Berry Issuer do not intend to, and disclaim any duty or obligation to, update or revise any forward-looking statement set forth in this press release to reflect new information, future events or otherwise, except as required under
View source version on businesswire.com: https://www.businesswire.com/news/home/20250305595928/en/
Dustin Stilwell
VP, Head of Investor Relations
+1 (812) 306 2964
ir@berryglobal.com
Source: Berry Global Group, Inc.
FAQ
What is the status of Amcor's consent solicitation for Berry's (BERY) outstanding notes?
When will holders receive consent payments for Berry's (BERY) notes?
Which investment banks managed the consent solicitation for Berry's (BERY) notes?
What notes are affected by Berry's (BERY) consent solicitation?
