Mauser Packaging holders tender 94.39% of 2026 notes for exchange

By Marisa Wong

Los Angeles, April 30 – Mauser Packaging Solutions Holding Co. announced the final results of its April 1 offer to eligible holders to exchange any and all of the $2.75 billion of its outstanding 7 7/8% senior first-lien notes due 2026 (Cusips: 57763RAB3, U5763HAB1) for newly issued 7 7/8% senior first-lien notes due April 15, 2027.

As of the expiration of the exchange offer at 5 p.m. ET on April 29, a total of $2,595,846,000 principal amount of old notes had been tendered, representing 94.39% of the outstanding old notes, according to a Tuesday press release.

That total includes the $2,595,611,000 of old notes tendered on or before 5 p.m. ET on April 12, the early tender time, and previously accepted for exchange on April 16.

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 includes an early tender payment of $50 principal amount of new notes.

Those who tendered their notes after the early deadline will receive $950 principal amount of new notes per $1,000 principal amount of old notes.

Accrued interest was also or will also be paid.

Final settlement will occur on April 30.

As previously noted, interest on the new notes will accrue from the initial settlement date. As a result, the cash payable for accrued interest on any old notes exchanged following the initial settlement date will be reduced by the amount of any pre-issuance interest on the new notes.

The new notes will have the same terms, covenants and collateral as the old notes, except the maturity date and that the new notes will first be redeemable at a fixed price on Feb. 15, 2025 with related adjustments to the optional redemption provisions.

The offer was conditioned on, among other things, Mauser receiving tenders representing at least 80% of the old notes. This condition has been met.

The offer was only open to institutional buyers under Rule 144A or non-U.S. persons under Rule 902. Documents relating to the offer were only distributed to eligible holders who completed and returned an eligibility document.

D.F. King & Co. (800 290-6427, 212 269-5550; www.dfking.com/mauser; mauser@dfking.com) is the information and tender agent for the offer.

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

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