Mauser Packaging starts exchange offer for 7 7/8% notes due 2026

By Wendy Van Sickle

Columbus, Ohio, April 1– Mauser Packaging Solutions Holding Co. launched an offer to certain eligible holders to exchange any and all $2.75 billion of its outstanding 7 7/8% senior first-lien notes due 2026 (Cusips: 57763RAB3, U5763HAB1) for newly issued 7 7/8% senior first-lien notes due April 15, 2027, according to a press release.

Noteholders who tender their notes for exchange by the early deadline of 5 p.m. ET on April 12 will receive $1,000 in principal amount of new notes per $1,000 principal amount of old notes, which includes an early tender payment of $50 in principal amount of new notes.

Those who tender their notes after the early deadline will receive $950 in principal amount of new notes per $1,000 principal amount of old notes.

Accrued interest will also be paid.

The withdrawal deadline is 5 p.m. ET on April 12.

The exchange offer will expire at 5 p.m. ET on April 29.

Settlements are expected to occur promptly after the early deadline and after the expiration of the offer.

Interest on the new notes will accrue from the initial settlement date. As a result, the cash payable for accrued interest on any old notes exchanged following the initial settlement date will be reduced by the amount of any pre-issuance interest on the new notes.

The new notes will have the same terms, covenants and collateral as the old notes, except the maturity date and that the new notes will first be redeemable at a fixed price on Feb. 15, 2025 with related adjustments to the optional redemption provisions.

Holders of about 65% of the outstanding principal amount of the old notes have executed support agreements or expressed their intention to tender all of their notes under the exchange offer, the company said.

The offer is subject to conditions, including that Mauser received valid tenders repressing at least 80% of the total principal amount of the existing notes.

D.F. King & Co. (800 290-6427, 212 269-5550) is the information and tender agent for the offer.

The offer is only open to institutional buyers under Rule 144A or non-U.S. persons under Rule 902. Documents relating to the offer will only be distributed to eligible holders who complete and return an eligibility document.

Holders of old notes who desire to complete an eligibility form should either visit the website www.dfking.com/mauser or request instructions by sending an email to mauser@dfking.com.

Mauser is an Oak Brook, Ill.-based supplier of rigid packaging products and services.

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