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. Click here to read the full press release.

AGSA will host an investor call at 1000 ET / 1500 GMT on Tuesday, February 23. The link can be accessed here.

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Conference 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