Mauser Announces Results to Date of Exchange Offer

OAK BROOK, Ill., April 15, 2024 /PRNewswire/ -- Mauser Packaging Solutions Holding Company ("Mauser") today announced the interim results of its offer to exchange any and all $2,750 million of its outstanding principal amount of 7.875% Senior First Lien Notes due 2026 (the "Old Notes") for newly issued 7.875% Senior First Lien Notes due 2027 (the "New Notes"), upon the terms and conditions set forth in the Confidential Offering Memorandum, dated April 1, 2024 (the "Exchange Offer").

As of 5:00 p.m. New York City time on April 12, 2024 (the "Early Tender Time"), a total of $2,595,611,000 principal amount of Old Notes had been tendered in the Exchange Offer, representing approximately 94.39% of the outstanding Old Notes.  The Exchange Offer is conditioned upon, among other things, the valid tender by eligible holders representing at least 80% of the aggregate principal amount of the Old Notes outstanding (the "Minimum Tender Condition").  The Minimum Tender Condition has been met as of the Early Tender Time and initial settlement of the Exchange Offer will take place on April 16, 2024.

Eligible holders who validly tendered and did not withdraw their Old Notes prior to the Early Tender Time and whose Old Notes are accepted for exchange will receive $1,000 principal amount of New Notes per $1,000 principal amount of Old Notes tendered, along with accrued and unpaid interest in cash from the last interest payment date to, but not including, the initial settlement date for the Exchange Offer.

The Exchange Offer remains open until 5:00 p.m., New York City time, on April 29, 2024 (the "Expiration Time"). The withdrawal deadline has passed and holders no longer have the right to withdraw any Old Notes previously tendered and will not have the right to withdraw any Old Notes tendered through the Expiration Time. For any Old Notes tendered after the Early Tender Time and prior to the Expiration Time and accepted for exchange, eligible holders will receive $950 in principal amount of New Notes per $1,000 principal amount of Old Notes, along with accrued and unpaid interest in cash from the last interest payment date to, but not including, the final settlement date for the Exchange Offer, which is expected to occur promptly after the Expiration Time.

Available Documents and Other Details

Documents relating to the Exchange Offer will only be distributed to eligible holders who complete and return an eligibility form confirming that they are either a "qualified institutional buyer" under Rule 144A under the Securities Act of 1933, as amended (the "Securities Act"), or not a "U.S. person" under Rule 902 under the Securities Act. Holders of Old Notes who desire to complete an eligibility form should either visit the website www.dfking.com/mauser for this purpose or request instructions by sending an e-mail to [email protected] or calling D. F. King & Co., Inc., the information agent for the Exchange Offer, at (800) 290-6427 (U.S. Toll-free) or (212) 269-5550 (Collect).

The New Notes will not be registered under the Securities Act or any other applicable securities laws and, unless so registered, the New Notes may not be offered, sold, pledged or otherwise transferred within the United States or to or for the account of any U.S. person, except pursuant to an exemption from the registration requirements thereof. Accordingly, the New Notes are being offered and issued only to persons (i) reasonably believed to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act) and (ii) who are not "U.S. persons" (as defined in Rule 902 under the Securities Act). Non U.S.-persons may also be subject to additional eligibility criteria.

The complete terms and conditions of the Exchange Offer are set forth in the informational documents relating to the Exchange Offer. This press release is for informational purposes only and is neither an offer to purchase nor a solicitation of an offer to sell any securities. The Exchange Offer is only being made pursuant to the Confidential Offering Memorandum and the related letter of transmittal. The Exchange Offer is not being made to holders of Old Notes in any jurisdiction in which the making or acceptance thereof would not be in compliance with the securities, blue sky or other laws of such jurisdiction.

Cautionary Note Regarding Forward-Looking Statements

This press release contains information that could constitute forward-looking statements. All statements other than statements of historical fact contained in this press release, including, but not limited to, statements regarding whether we will consummate the Exchange Offer are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "will," "intend," "expect," "anticipate," "should," "could" and words or expressions of similar meaning. Such forward-looking information is based on certain current assumptions and analysis made by Mauser in light of its experience and perception of current conditions and expected future developments as well as other factors it believes are appropriate in the circumstances. However, whether actual results, performance or achievements will conform to Mauser's expectations and predictions is subject to market conditions and a number of known and unknown risks and uncertainties which could cause actual results to differ materially from Mauser's expectations. Other factors which could materially affect such forward-looking information are described in the risk factors detailed in the Confidential Offering Memorandum related to the Exchange Offer. Forward-looking statements only speak as of the date hereof and Mauser assumes no obligation to update any written or oral forward-looking statement made by Mauser or on its behalf as a result of new information, future events or other factors, except as required by law.

About Mauser

Mauser is a global supplier of rigid packaging products and services. Mauser currently operates manufacturing locations in over 20 countries serving industry-leading customers on an international basis.

Contact: Jennifer Hiser
Phone:   (630) 203-4088

SOURCE Mauser Packaging Solutions