Amcor buys back 91% of PACRS2, remainder to be converted

By Angela McDaniels

Seattle, March 27 - Amcor Ltd. said holders of 1,901,814, or 91%, of Amcor Investments (New Zealand) Ltd.'s Perpetual Amcor Convertible Reset Securities (PACRS2) accepted the company's off-market offer to repurchase the notes.

The company will pay A$105.2632 per PACRS2 for a total repurchase amount of A$200 million. Holders will also receive A$4.2498 of interest per PACRS2.

Settlement of the offer is expected to occur on April 30, according to a 6-K report filed with the Securities and Exchange Commission on Tuesday.

The offer began on March 1 and ended on Friday.

The 197,223 PACRS2 that remain outstanding will convert to ordinary shares of Amcor on April 30, and the last trading day for the PACRS2 will be April 19.

Amcor is a packaging company based in Abbotsford, Australia.

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