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Allens acts for Amcor on A$3.1 billion equity and debt funding package

18 August 2009

Allens Arthur Robinson (Allens) is acting for Amcor Limited (Amcor) on its A$3.1 billion equity and debt funding package for its proposed acquisition of Alcan Packaging (Alcan) from the Rio Tinto Group – valued at US$2.025 billion – which was announced today.

The transaction, which involves Amcor acquiring businesses across Europe, North America and Asia with approximately 14,000 employees, will make Amcor one of the largest packaging companies in the world.

The equity and debt funding package comprised:

• a fully underwritten A$1.611 billion accelerated, non-renounceable entitlement offer at $4.30 per share; and
• a new US$1.2 billion debt facility syndicated by 10 Australian and overseas banks.

Allens brought together a large team to advise long-standing client Amcor, covering Equity Capital Markets (Co-Head of Equity Capital Markets and Partner Robert Pick and Corporate/M&A Partner Cameron Price) and Banking & Finance (BAF Team Leader and Partner Phillip Cornwell and Senior Associate James Darcy).

'This was undoubtedly a complex transaction, involving multiple teams and multiple jurisdictions, and Allens is in a position to offer our clients, like Amcor, a coordinated and complete set of legal advice,' said Mr Price. 'We are proud to help Amcor on a strategic transaction that is set to make them one of the world's largest packaging companies with leading positions in certain industry segments'.

'A complete funding package was critical to Amcor's ability to execute this acquisition', added Mr Pick. 'Allens was able to provide coordinated advice to Amcor on both components of their funding package, in equity and debt markets that are only just starting to re-open for acquisition finance. After a stream of equity raisings in the last 12 months aimed at balance sheet repair, we are starting to see encouraging signs that equity is being raised to support increased M&A activity.'

According to Mr Cornwell: 'Helping Amcor's finance team put together a US$1.2 billion acquisition facility in the current market was a challenging but ultimately very satisfying exercise for James, myself and the team. The terms achieved are not only indicative of market confidence in Amcor and its executives, but also confirm that there is a strong recovery under way in the financial markets.'

Ends

For further information, please contact:

• Jane FoleyCorporate Communications Coordinator, Melbourne
  Ph: +61 3 9613 8503
  Jane.Foley@aar.com.au

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Notes for editors.

Allens Arthur Robinson has staff in 14 cities and eight countries across the Asia Pacific.