CANPACK S.A.: high yield notes transaction and early redemption of existing bonds

09.11.2020

Wardyński & Partners acted as Polish legal and tax counsel to CANPACK S.A. in a high yield notes transaction and in an early redemption of existing CANPACK S.A. bonds.

On 26 October 2020, CANPACK S.A. as a co-issuer with Eastern PA Land Investment Holding LLC successfully issued EUR 600 million aggregate principal amount senior notes at 2.375% due 2027 and USD 400 million aggregate principal amount senior notes at 3.125% due 2025 under the laws of the state of New York.

CANPACK S.A. and its affiliates are a leading global manufacturer of high-quality aluminium cans, glass containers and metal closures for the beverage industry and of steel cans for the food and chemical industries, serving customers in approximately 95 countries worldwide. They manufacture their products in 27 plants located in 17 countries across Asia, Europe, the Middle East, North Africa and South America. They are the fourth largest supplier of beverage cans in the world, the third largest supplier in Europe and the number one supplier in at least ten European countries.

We worked with Latham & Watkins, a lead counsel to CANPACK S.A., and Alvarez & Marsal, a financial advisor to CANPACK group, as well as with other counsels in structuring the senior notes transaction and advised on all Polish aspects of transaction documentation.

In the senior notes transaction, Citigroup, HSBC and Wells Fargo Securities acted as Joint Global Coordinators and Physical Bookrunners, BNP PARIBAS was Passive Bookrunner and CaixaBank and PKO BP acted as Co-managers.

We also advised CANPACK S.A. in an early redemption of existing bonds issued by it under Polish law in the aggregate principal amounts of EUR 580 million and PLN 48 million. Bank Pekao acted as an agent and depositary.