Amcor (ASX:AMC) said that its unit, Amcor Flexibles North America, priced a $2.2 billion private offering of senior unsecured notes, to fund its proposed merger with Berry Global Group, according to a Friday statement by the company.
The notes comprise $725 million at 4.8% due 2028, $725 million at 5.1% due 2030, and $750 million at 5.5% due 2035, and are guaranteed by Amcor and certain units, per the statement.
Proceeds will be used to repay Berry's existing debt. If the merger isn't completed by five business days after its "Outside Date," all notes except the 2028 tranche will be mandatorily redeemed, the statement added.
The offering, set to close on March 17, is limited to qualified institutional buyers and certain non-US investors, the company said.
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