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Proposed Merger: Beverage Can Business & Gores Holdings V

Published February 23, 2021

On February 23, Ardagh Group S.A. (“AGSA”) announced the proposed merger of its beverage can business (“AMP”) with Gores Holdings V Inc. and intention to list AMP on NYSE

AGSA will host an investor call at 1000 ET / 1500 GMT on Tuesday, February 23

  • The link can be accessed here.
  • Dial in:
    United Kingdom: +44 (0)330 336 9601
    United States: +1 323-701-0160
    Ireland: +353 (0)1 2465682
    Germany: +49 (0)69 22222 5197
    France: +33 (0)1 70 730 3 39Conference code: 8321308

Main features of the announced transaction:

  • AGSA to retain a stake of ~80% in AMP and to receive $3.4 billion in cash, funded from new equity of $1.1 billion and $2.3 billion from AMP new debt issuance
  • AGSA to deploy approximately $2 billion of cash received to repay debt: subject to market conditions, AGSA expects to call the remaining $800 million of the 6.000% Senior Notes due 2025, with the balance expected to repay senior secured debt
    • The remaining $1.4 billion to be used for general corporate purposes and shareholder distributions
  • The transaction is expected to close in the second quarter of 2021
  • AGSA will continue to provide critical services to AMP and AGSA intends to be a committed long-term majority shareholder of AMP

 

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