Amcor Launches Consent Solicitations for Proposed Amendments to Berry Global Notes Indentures

Amcor plc announced on February 26, 2025, that it has initiated a consent solicitation process from the registered holders of several series of Berry Global’s first priority senior secured notes. The consent solicitations are aimed at implementing proposed amendments to the indentures governing these notes, contingent upon Amcor providing an unconditional guarantee for the Berry Issuer’s payment obligations.

The proposed amendments, which relate to multiple series of notes—including the 1.50% First Priority Senior Secured Notes due 2027 (denominated in euros), the 1.65% First Priority Senior Secured Notes due 2027 (denominated in U.S. dollars), the 5.50% First Priority Senior Secured Notes due 2028, the 5.800% First Priority Senior Secured Notes due 2031, and the 5.650% First Priority Senior Secured Notes due 2034—are designed to streamline the credit support provided for these instruments. In particular, if Amcor elects to issue its guarantee, the amendments will provide for the release of liens on the Berry Issuer’s collateral upon request and will also trigger an automatic release of Berry’s guarantee.

Under the terms of the consent solicitations, holders who validly deliver their consents in accordance with the established procedures will be eligible to receive a cash incentive payment of $2.50 per $1,000 principal amount for those notes denominated in U.S. dollars, and €2.50 per €1,000 principal amount for the euro-denominated notes. The record date for determining eligible holders was set at 5:00 p.m. New York City time on February 25, 2025, and the solicitation will expire at 5:00 p.m. New York City time on March 5, 2025, unless an extension is granted by Amcor.

These consent solicitations are connected to a broader set of strategic initiatives, including the previously announced Merger Agreement under which Amcor’s subsidiary, Merger Sub, is set to merge with Berry Global. As part of the anticipated integration and restructuring, the proposed amendments would align the credit support for Berry Global’s notes with that provided for the Amcor Notes by way of additional cross-guarantee arrangements among Amcor and its subsidiaries.

The filing and accompanying materials include detailed forward-looking statements and cautionary disclosures regarding the risks and uncertainties associated with the proposed amendments, the consummation of the merger, and the integration of the two businesses. Actual results may differ from those projected due to various factors detailed in the filing.

Amcor will continue to provide updates as the process unfolds and as conditions pertaining to the Consent Solicitations and the merger evolve.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Amcor’s 8K filing here.

About Amcor

Amcor plc develops, produces, and sells packaging products in Europe, North America, Latin America, Africa, and the Asia Pacific regions. The company operates through two segments, Flexibles and Rigid Packaging. The Flexibles segment provides flexible and film packaging products in the food and beverage, medical and pharmaceutical, fresh produce, snack food, personal care, and other industries.