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
