Smurfit WestRock gets bridge commitment for formation through merger

By Sara Rosenberg

New York, Sept. 12 – Smurfit WestRock (Smurfit Kappa Treasury Unlimited Co.) has received a commitment for a bridge facility to support its formation through the merger of Smurfit Kappa and WestRock, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Citigroup Global Markets provided the bridge commitment.

The company expects any drawings under the bridge facility to be refinanced through debt capital markets or other financing sources, and is committed to having a strong investment-grade credit rating.

Under the agreement, common stockholders of WestRock will receive one new Smurfit WestRock share and $5.00 in cash, and Smurfit Kappa shareholders will receive one new Smurfit WestRock share for each ordinary share in Smurfit Kappa.

At closing, Smurfit Kappa shareholders and WestRock stockholders are expected to own about 50.4% and 49.6% of Smurfit WestRock, respectively.

Closing is expected in the second quarter of 2024, subject to shareholder approvals, regulatory approvals and other customary conditions.

Smurfit Kappa is a Dublin-based provider of paper-based packaging solutions. WestRock is an Atlanta-based provider of differentiated, sustainable paper and packaging solutions. Smurfit WestRock will have global headquarters in Dublin, and its North and South American operations will be headquartered in Atlanta.

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