8-KOther EventsExhibits & Filings

Amcor plc 8-K Report, Corporate Update (Mar 23, 2020)

Filed March 23, 2020For Securities:AMCRAMCCF

Summary

Amcor plc (AMCR) announced on March 23, 2020, that its wholly-owned subsidiaries, Bemis Company, Inc. and Amcor Finance (USA), Inc., have commenced debt-neutral exchange offers. These offers involve exchanging existing senior notes for newly registered senior notes under the Securities Act of 1933. The aggregate principal amount of outstanding notes will not increase as a result of these exchanges, as the existing notes will be cancelled upon successful exchange. The primary objective of these exchange offers is to replace unregistered notes with registered notes. This move is likely aimed at improving liquidity and marketability of the debt securities, potentially making them more attractive to a broader range of investors. Investors holding the specified Bemis and AFUI notes should review the terms of the exchange offers carefully to determine if tendering their existing notes is in their best interest.

Key Highlights

  • 1Amcor's subsidiaries, Bemis and AFUI, are launching debt-neutral exchange offers.
  • 2The offers involve exchanging existing senior notes for newly registered senior notes.
  • 3The total principal amount of outstanding debt will remain unchanged by these offers.
  • 4Existing notes exchanged will be cancelled, replaced by registered notes.
  • 5The exchange offers are for approximately $1.73 billion of Senior Notes.
  • 6This action aims to make the debt securities more easily tradable and potentially more attractive to investors.

Frequently Asked Questions

The primary purpose of these exchange offers is to replace existing, unregistered senior notes with newly issued notes that are registered under the Securities Act of 1933. This registration typically makes the debt securities more liquid and accessible to a wider investor base.

No, the offers are described as 'debt-neutral'. The aggregate principal amount of outstanding notes will not increase because any existing notes that are successfully exchanged will be cancelled and replaced by an equal principal amount of new notes.

Bemis Company, Inc. is offering to exchange its 4.500% Guaranteed Senior Notes due 2021 and its 3.100% Guaranteed Senior Notes due 2026. Amcor Finance (USA), Inc. (AFUI) is offering to exchange its 3.625% Guaranteed Senior Notes due 2026 and its 4.500% Guaranteed Senior Notes due 2028.

The exchange offers are for approximately US$1.73 billion of Senior Notes across the mentioned series from Bemis and AFUI.