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DUBLIN - Smurfit Westrock (NYSE:WRK) plc (NYSE:SW, LSE: SWR), a global leader in sustainable packaging, confirmed the successful completion of its exchange offers for several series of senior notes, as per the announcement made today. The exchange involved replacing various unregistered notes with new registered notes.
The exchange offers included the substitution of $750 million in 5.200% Senior Notes due 2030, $1 billion in 5.438% Senior Notes due 2034, and $1 billion in 5.777% Senior Notes due 2054, all issued by Smurfit Kappa (IR:SKG) Treasury Unlimited Company, a subsidiary of Smurfit Westrock. Additionally, Smurfit Westrock Financing Designated Activity Company, another subsidiary, exchanged $850 million in 5.418% Senior Notes due 2035.
As of the expiration date on Tuesday, the exchange agent, Deutsche Bank (ETR:DBKGn) Trust Company Americas, reported high participation rates: 99.40% for the 2030 Notes, 99.69% for the 2034 Notes, 99.68% for the 2054 Notes, and 99.84% for the SWF Notes. Smurfit Westrock accepted all validly tendered notes and will issue an equal principal amount of new notes in exchange. The company emphasized that it will not generate any proceeds from these offers.
The settlement of the exchange offers is scheduled for Saturday, May 23, 2025. This move comes as part of Smurfit Westrock’s broader financial strategy, ensuring compliance with the Securities Act of 1933 through the registration of these new issues.
Smurfit Westrock, with a workforce of approximately 100,000 employees in 40 countries, is recognized for its paper-based packaging solutions. The information provided in this article is based on a press release statement from Smurfit Westrock plc.
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