Published on 5/17/2023 in the Prospect News Investment Grade Daily.
New Issue: Amcor Finance prices $500 million 5.625% 10-year guaranteed notes at 217 bps spread
By William Gullotti
Buffalo, N.Y., May 17 – Amcor Finance (USA), Inc. priced $500 million of 5.625% 10-year guaranteed senior notes on Wednesday at a spread of 217 basis points over Treasuries, according to an FWP filing and a 424B5 filing with the Securities and Exchange Commission.
The notes will be guaranteed by Amcor plc, Amcor UK Finance plc, Amcor Pty Ltd. and Amcor Flexibles North America, Inc.
The notes were sold at 99.022 to yield 5.755%.
Amcor may exercise a make-whole call before Feb. 26, 2033 at Treasuries plus 35 bps or a par call thereafter. The notes are also callable at par if there are changes to withholding taxes.
J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and UniCredit Capital Markets LLC are the joint bookrunning managers.
Proceeds will be used to repay a portion of the company’s commercial paper borrowings and for general corporate purposes, which may include the repayment of other short- and long-term debt.
Amcor Flexibles was formerly known as Bemis Co., Inc. and is a wholly owned subsidiary of Amcor plc. With headquarters in Oshkosh, Wis., the company produces a broad range of packaging products.
| Issuer: | Amcor Finance (USA), Inc.
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| Guarantors: | Amcor plc, Amcor UK Finance plc, Amcor Pty Ltd. and Amcor Flexibles North America, Inc.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | May 26, 2033
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| Bookrunners: | J.P. Morgan Securities LLC, BofA Securities, Inc., Citigroup Global Markets Inc., Wells Fargo Securities, LLC, Deutsche Bank Securities Inc., Mizuho Securities USA LLC, Scotia Capital (USA) Inc., TD Securities (USA) LLC and UniCredit Capital Markets LLC
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| Co-managers: | BBVA Securities Inc., BNP Paribas Securities Corp., HSBC Securities (USA) Inc., ING Financial Markets LLC, PNC Capital Markets LLC
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| Trustee: | Deutsche Bank Trust Co. Americas
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| Counsel to issuer: | Perkins Coie LLP (New York, Delaware), Armstrong Teasdale LLP (Missouri), Ogier (Jersey) LLP (Jersey), Herbert Smith Freehills (Australia) and Herbert Smith Freehills LLP (England)
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| Counsel to underwriters: | Sullivan & Cromwell LLP
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| Coupon: | 5.625%
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| Price: | 99.022
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| Yield: | 5.755%
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| Spread: | Treasuries plus 217 bps
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| Call feature: | Make-whole call before Feb. 26, 2033 at Treasuries plus 35 bps, then at par; at par for taxation reasons
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| Trade date: | May 17
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| Settlement date: | May 26
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| Distribution: | SEC registered
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| Cusip: | 02343UAJ4
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