Amcor plc (NYSE: AMCR; ASX: AMC) has announced the results of its recently conducted consent solicitations for Berry Global, Inc.'s outstanding notes. The consent solicitations, which were made to certain proposed amendments to the indentures governing the notes, have successfully obtained the requisite consents from holders of each series of notes.
As of the expiration date, Amcor has reported that the following consent payments will be made to eligible holders who validly delivered (and did not validly revoke) their consents:
- For the 1.50% first priority senior secured notes due 2027 (EUR Notes), a consent payment of €2.50 per €1,000 principal amount
- For the 1.65% first priority senior secured notes due 2027 (2027 USD Notes), a consent payment of $2.50 per $1,000 principal amount
- For the 5.50% first priority senior secured notes due 2028 (2028 USD Notes), a consent payment of $2.50 per $1,000 principal amount
- For the 5.800% first priority senior secured notes due 2031 (2031 USD Notes), a consent payment of $2.50 per $1,000 principal amount
- For the 5.650% first priority senior secured notes due 2034 (2034 USD Notes), a consent payment of $2.50 per $1,000 principal amount
On March 5, 2025, Berry Global, Inc. entered into a supplemental indenture with the applicable trustee and notes collateral agent for each series of notes to effect the proposed amendments. 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.
In the same period, Amcor expects to pay the consent payments upon the consummation of the merger, if it takes place. Goldman Sachs & Co. LLC and UBS Investment Bank acted as the lead solicitation agents of the consent solicitations.
Amcor Plc is a global leader in developing and producing responsible packaging solutions across various materials, while Berry Global Group, Inc. creates innovative packaging solutions globally. Amcor reported $13.6 billion in annual sales in fiscal year 2024, generated by 41,000 employees across 212 locations in 40 countries, while Berry Global Group, Inc. has over 34,000 global employees across more than 200 locations. Following these announcements, the company's shares moved -0.2%, and are now trading at a price of $71.4. If you want to know more, read the company's complete 8-K report here.
