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
