Amcor (AMCR) said Wednesday it has initiated a consent solicitation to obtain noteholders' approval for proposed changes to the indentures governing multiple series of senior secured notes issued by Berry Global (BERY), following their merger agreement announced on Nov. 19.
The solicitations propose amendments to permit the release of Berry's collateral liens and parent guarantee, contingent on Amcor offering an unconditional guarantee of Berry's payment obligations.
The notes include 1.50% first priority senior secured notes due 2027, 1.65% first priority senior secured notes due 2027, 5.50% first priority senior secured notes due 2028, 5.800% first priority senior secured notes due 2031, and 5.650% first priority senior secured notes due 2034.
The record date is Feb. 25 and the solicitations will expire on March 5.
If at least two-thirds of noteholders consent to the proposed amendments without revoking before March 5, and all conditions are met or waived by Amcor, Berry will enter into a supplemental indenture, the company said.
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