#United States #Senior Notes #Exchange Offers #Oak Brook #Mauser

Mauser Packaging Solutions Completes Exchange Offers and Consent Solicitations

Mauser Packaging Solutions Holding Company, known simply as Mauser, has recently revealed the final results of its exchange offers and consent solicitations. This critical financial maneuver involved the exchange of outstanding senior notes and is indicative of the company's strengthened position in the market.

On December 9, 2025, the company announced it had successfully exchanged approximately $2.695 billion of its existing 7.875% Senior First Lien Notes due 2027 for newly issued 7.875% Senior First Lien Notes due 2030. Furthermore, Mauser offered to exchange $1.344 billion of its 9.25% Senior Secured Second Lien Notes due 2027 for equivalent new notes, due 2030. These exchanges are part of a broader strategy to optimize its debt structure and enhance flexibility.

Strong Participation from Investors

As of the expiration time for the offers, Mauser noted an impressive participation rate from its investors. A total of $2,639 million principal amount of the old first lien notes were tendered, representing nearly 97.91% of the outstanding amount. Similarly, the second lien notes also saw significant interest, with $1,301 million tendered, equivalent to 96.84% of those notes.

Eligible participants who submitted their old notes after the early tender deadline, yet before the final expiration, will receive full consideration, equivalent to $1,000 per $1,000 principal amount of the exchanged old notes. Additionally, all eligible holders will also receive accrued interest up to the settlement date for their exchanged notes.

Amendments for Enhanced Flexibility

In conjunction with the exchange offers, Mauser has also achieved adequate consent levels required to approve amendments to the indentures governing the old first lien and second lien notes. These amendments, which include the release of collateral secured by the old notes and the elimination of restrictive covenants, are pivotal for Mauser's future financial maneuvers. The amendments took effect concurrently with the acceptance of the old notes for exchange.

The new debt instruments are expected to bolster Mauser's financial agility, enabling the company to navigate market fluctuations while fulfilling its strategic objectives.

Key Actors in the Process

BofA Securities, Inc. served as both the dealer manager and solicitation agent for the exchange offers and consent solicitations, while D.F. King & Co., Inc. functioned as the exchange agent. Their roles were instrumental in facilitating the complex process of debt restructuring for Mauser, helping to ensure that eligible holders of old notes were adequately informed and able to participate.

Not Just an Offer

It's important to note that the new notes generated from this exchange will not be registered under the Securities Act or any applicable securities laws. Therefore, unless registered, these notes can only be offered and sold under certain exemptions. The company has reiterated its commitment to comply with all legal requirements while executing these transactions.

Looking Ahead

The final settlement for these exchange offers is set to occur on December 11, 2025. Mauser's proactive steps to simplify its capital structure reflect its ongoing commitment to strengthening financial resilience and adaptability in a rapidly evolving market landscape.

In conclusion, Mauser's recent successful exchange offers and consent solicitations signal a robust strategy aimed at optimizing its debt position and enhancing liquidity, which are crucial for future growth amidst the challenging economic environment.