News: ORA Orora Announces Acquisition Of Saverglass And Associated Equity Raising

Sept 5 (Reuters) - Orora Ltd (ORA) :

• ACQUISITION OF SAVERGLASS AND ASSOCIATED EQUITY RAISING
• ACQUISITION OF SAVERGLASS AND ASSOCIATED EQUITY RAISING
• ENTERED INTO ARRANGEMENTS TO ACQUIRE 100% OF SAVERGLASS SAS FOR AN ENTERPRISE VALUE OF EUR 1,290 MILLION
• ACQUISITION FOR AN ENTERPRISE VALUE OF EUR 1,290 MILLION
• ACQUISITION WILL BE FUNDED VIA A FULLY UNDERWRITTEN EQUITY RAISING OF APPROXIMATELY A$1,345 MILLION
• EQUITY RAISING OF A$450 MILLION INSTITUTIONAL PLACEMENT AND A A$895 MILLION 1-FOR-2.55 ACCELERATED NON-RENOUNCEABLE PRO RATA ENTITLEMENT OFFER
• ACQUISITION IS EXPECTED TO BE MID-SINGLE DIGIT EARNINGS PER SHARE ACCRETIVE IN FIRST FULL FINANCIAL YEAR OF OWNERSHIP
• COMPLETION OF ACQUISITION IS EXPECTED TO OCCUR IN LAST QUARTER OF CY2023.
• SAVERGLASS WILL OPERATE AS A THIRD PLATFORM FOR GROWTH IN ORORA
• ORORA AND VENDORS OF OLYMPE SAS HAVE ENTERED INTO A PUT OPTION AGREEMENT
• ACQUISITION FUNDING TO RESULT IN LEVERAGE OF 2.50X PRO FORMA FY23 UNDERLYING EBITDA WITHIN ORORA'S STATED RANGE
• PUT OPTION AGREEMENT PROVIDES VENDORS OPTION TO SELL SHARES IN OLYMPE SAS TO ORORA
• ACQUISITION WILL ALSO BE FUNDED VIA A$875 MILLION OF ACQUISITION DEBT FINANCING