Ardagh Metal Packaging (AMBP) Investor presentation summary

Recapitalization transaction overview

• A comprehensive recapitalization transaction will address over $7.9 billion in liabilities and reduce debt by $3.7 billion, with $0.3 billion in new cash to support liquidity and debt maturities extended by over four years to December 2030.

• Ownership will transfer via a debt-for-equity swap, with 92.5% equity to senior unsecured noteholders and 7.5% to PIK noteholders; no impact is expected for suppliers, customers, employees, or other stakeholders.

• $1.5 billion in new capital will refinance debt, fund the purchase of Yeoman Capital S.A., and support general corporate purposes, fully backstopped by key financial stakeholders.

Stakeholder participation and incentives

• A Transaction Support Agreement (TSA) has been signed with major holders representing 75% of SSNs, over 90% of SUNs, and over 60% of PIK Notes, with incentives for early participation.

• Early consenting SSN holders can exchange at par, while late or non-consenting holders exchange at a discount; similar pro rata equity allocations apply for SUN and PIK holders based on participation.

• If 90% participation is not reached by August 11, 2025, alternative legal routes may be used, and parties may terminate the TSA.

Transaction structure and terms

• $1.5 billion New Money 1L Facility is secured on a first-lien basis, open to all participating SSN and SUN holders, and backstopped for a 4% non-cash fee.

• SSNs will be exchanged into $2.66 billion of new notes maturing in December 2030, with enhanced collateral and coupon terms.

• All SUNs and PIK Notes will be fully converted into equity, and Yeoman Capital S.A. will be sold to new equity owners for $300 million.