Mauser Packaging gives results of exchange and consent solicitation

Chicago, Feb. 8 – Mauser Packaging Solutions Holding Co., formerly known as BWAY, announced the results of its exchange offer and consent solicitation for any and all of its $1.35 billion outstanding 7¼% notes due 2025 (ISINs: US12429TAE47, USU12214AD13), according to a press release.

For the exchange offer, the company was offering to swap the existing notes for newly issued 9¼% senior secured second-lien notes due 2027.

Noteholders who tendered their notes for exchange by the early deadline will receive $1,000 in principal amount of new notes per $1,000 principal amount of old notes, which includes an early tender payment of $50 in principal amount of new notes. Accrued interest will also be paid.

As of the 5 p.m. ET early tender deadline on Feb. 7, noteholders tendered 98.5% of the outstanding notes, or $1,329,916,000 principal amount.

Because holders who tendered their old notes in the exchange offer were deemed to have submitted consents, the consent solicitation was successful.

Mauser and the trustee will enter into a supplemental indenture for the proposed amendments, which will become operative upon settlement on Feb. 10 for the notes that were tendered early.

The exchange offer and consent solicitation expire at 11:59 p.m. ET on Feb. 22.

Noteholders who tender their notes going forward will not receive the early participation premium and will only receive $950 of new notes for $1,000 of existing notes.

Settlement for any additional tenders will occur promptly after the expiration of the offer.

D.F. King & Co. (800 628-8583, 212 269-5550) is the information and tender agent for the offer.

The offer is only open to institutional buyers under Rule 144A or non-U.S. persons under Rule 902. Documents relating to the offer will only be distributed to eligible holders who complete and return an eligibility document.

Holders of old notes who desire to complete an eligibility form should either visit the website www.dfking.com/mauser or request instructions by sending an email to mauser@dfking.com.

Mauser is an Oak Brook, Ill.-based supplier of rigid packaging products and services.

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