Amcor subsidiaries enter $3.75 billion three-, five-year revolvers

By Marisa Wong

Los Angeles, April 28 – Amcor plc, as guarantor, entered into on April 26 a three-year syndicated facility agreement and a five-year syndicated facility agreement with Amcor Pty. Ltd., Amcor Finance (USA), Inc., Amcor UK Finance plc and Amcor Flexibles North America, Inc. as borrowers, according to an 8-K filing with the Securities and Exchange Commission.

JPMorgan Chase Bank, NA is administrative agent and foreign administrative agent for the credit facilities.

Each agreement provides for a $1,875,000,000 revolving credit facility.

The three-year revolver matures on April 26, 2025, and the five-year revolver matures on April 26, 2027.

The maturity date under each agreement may be extended by one year at the company’s option.

The company may request an increase in the total aggregate commitment level under each agreement by up to $500 million.

Loans bear interest at term SOFR (or adjusted Euribor, daily simple SOFR or Sonia, as applicable) plus an applicable rate ranging from 87.5 basis points to 150 bps, depending on the company’s credit rating.

JPMorgan Chase Bank, NA, Bank of America, NA, BNP Paribas Securities Corp., Citibank, NA, HSBC Bank plc, Wells Fargo Bank, NA, London Branch, Mizuho Bank Europe NV, Vienna Branch, TD Securities (USA) LLC and Unicredit Bank AG are the joint lead arrangers and joint bookrunners.

Bank of America, BNP Paribas, Citibank, HSBC, Wells Fargo, Mizuho and TD Securities are the syndication agents.

Banco Bilbao Vizcaya Argentina, SA New York Branch, Deutsche Bank Securities Inc., ING Bank NV, Amsterdam, Lancy/Geneva Branch, Standard Chartered Bank and Bank of Nova Scotia are documentation agents.

At closing, the company did not draw down any amounts under the agreements.

On April 26, the company also terminated each of its three-year, four-year and five-year syndicated facility agreements dated April 30, 2019 with JPMorgan as administrative agent and foreign administrative agent. The prior agreements consisted of a $750 million three-year multicurrency credit facility expiring in April 2023, a $1.5 billion four-year multicurrency credit facility expiring in April 2024 and a $1.5 billion five-year multicurrency credit facility expiring in April 2025.

There were no amounts outstanding under the previous agreements as of the closing date of the new agreements.

Amcor is a global packaging company based in Zurich.

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