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Mauser Packaging reports 99.6% of notes tendered in exchange offer
By Mary-Katherine Stinson
Lexington, Ky., Feb. 23 – Mauser Packaging Solutions Holding Co., formerly known as BWAY, announced the final 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.
As of the expiration time of 11:59 p.m. ET on Feb. 22, a total of $1,344,186,000 principal amount, or 99.6%, of old notes had been validly tendered for exchange.
The total includes the $1,329,916,000 principal amount of notes tendered by the early tender deadline at 5 p.m. ET on Feb. 7.
As previously reported, the company was offering to swap the existing notes for newly issued 9¼% senior secured second-lien notes due 2027.
The company will issue $950 of new notes for $1,000 of existing notes tendered after the early deadline. Accrued interest will also be paid.
Final settlement is expected for Feb. 23.
Noteholders who tendered their notes for exchange by the early deadline received $1,000 principal amount of new notes per $1,000 principal amount of old notes, which included an early tender payment of $50 principal amount of new notes.
Because holders who tendered their old notes in the exchange offer were deemed to have submitted consents, the consent solicitation was deemed successful by the early deadline.
Mauser and the trustee entered a supplemental indenture for the proposed amendments, which became operative upon settlement of the early tendered notes on Feb. 10.
D.F. King & Co. (800 628-8583, 212 269-5550) is the information and tender agent for the offer.
PJT Partners LP acted as financial advisor.
The offer was only open to institutional buyers under Rule 144A or non-U.S. persons under Rule 902.
Mauser is an Oak Brook, Ill.-based supplier of rigid packaging products and services.
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