Published on 5/10/2022 in the Prospect News Investment Grade Daily.
New Issue: Amcor Flexibles sells $500 million 4% three-year senior notes Treasuries plus 120 bps
By Wendy Van Sickle
Columbus, Ohio, May 10 – Amcor Flexibles North America, Inc. priced $500 million of 4% three-year guaranteed senior notes on Tuesday at a spread of Treasuries plus 120 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.975 to yield 4.009%.
The notes will be guaranteed by Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc and Amcor Pty Ltd.
BNP Paribas Securities Corp., BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC are the bookrunners.
Proceeds will be used to repay some commercial paper and for general corporate purposes, which may include debt repayment.
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 Flexibles North America, Inc.
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| Guarantors: | Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc and Amcor Pty Ltd.
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| Amount: | $500 million
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| Issue: | Senior notes
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| Maturity: | May 17, 2025
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| Bookrunners: | BNP Paribas Securities Corp., BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, HSBC Securities (USA) Inc., Mizuho Securities USA Inc. and Wells Fargo Securities LLC
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| Co-managers: | Deutsche Bank Securities Inc., Scotia Capital (USA) Inc., TD Securities (USA) LLC and UniCredit 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), Armstrong Teasdale LLP (Missouri), Ogier (Jersey) LLP (Jersey), Herbert Smith Freehills Australian partnership (Australia) and Herbert Smith Freehills LLP (England)
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| Counsel to underwriters: | Sullivan & Cromwell LLP
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| Coupon: | 4%
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| Price: | 99.975
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| Yield: | 4.009%
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| Spread: | Treasuries plus 120 bps
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| Call feature: | Make-whole call before April 17, 2025 at Treasuries plus 20 bps, then at par
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| Trade date: | May 10
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| Settlement date: | May 17
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| Distribution: | SEC registered
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| Cusip: | 02343JAA8
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