By Devika Patel and Cristal Cody
Knoxville, Tenn., May 18 – Amcor Flexibles North America, Inc. priced $800 million of 2.69% 10-year guaranteed senior notes (Baa2/BBB) on Tuesday at a spread of Treasuries plus 105 basis points, according to an FWP filing with the Securities and Exchange Commission.
The notes were sold at 99.956 to yield 2.695%.
Initial price talk was in the Treasuries plus 125 bps area, according to a market source.
The notes will be guaranteed by Amcor plc, Amcor Finance (USA), Inc., Amcor UK Finance plc and Amcor Pty Ltd.
BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are active bookrunners for the offering.
Passive bookrunners are listed as BNP Paribas Securities Corp., MUFG, TD Securities (USA) LLC and Wells Fargo Securities, LLC.
Proceeds will be used to repay or redeem notes due 2021 and potentially for the repayment of other short- and long-term debt.
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: | $800 million
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| Description: | Senior notes
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| Maturity: | May 25, 2031
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| Bookrunners: | BofA Securities, Inc., Citigroup Global Markets Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC (active); BNP Paribas Securities Corp., MUFG, TD Securities (USA) LLC and Wells Fargo Securities, LLC (passive)
|
| Coupon: | 2.69%
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| Price: | 99.956
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| Yield: | 2.695%
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| Spread: | Treasuries plus 105 bps
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| Call feature: | Make-whole call until Feb. 25, 2031 at Treasuries plus 20 bps; thereafter at par
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| Trade date: | May 18
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| Settlement date: | May 25
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| Ratings: | Moody’s: Baa2
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| S&P: BBB
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| Distribution: | SEC registered
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| Price talk: | Treasuries plus 125 bps area
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