AptarGroup Announces $250 Million Accelerated Share Repurchase and Closes Private Placement of $475 Million

AptarGroup, Inc. (NYSE: ATR) announced today that it has entered into an agreement to repurchase approximately $250 million of its common stock under an accelerated share repurchase program (the “ASR program”). The ASR program is part of AptarGroup’s $350 million share repurchase authorization announced on October 30, 2014. Today, AptarGroup will pay $250 million to Wells Fargo Bank N.A. in exchange for approximately 3.1 million shares, currently estimated to represent approximately 80% of the total number of shares expected to be purchased in the ASR program based on current market prices. The ultimate number of shares to be repurchased under the ASR program will be based on the volume-weighted average price of AptarGroup’s common stock during the term of the ASR program, less a discount.

Yesterday, AptarGroup completed a note purchase agreement for the private placement of $475 million in Senior Notes to institutional investors and expects to use proceeds from this private placement for the ASR program and to refinance existing debt.

“Share repurchases are an important element of our capital allocation strategy,” said Stephen Hagge, President and Chief Executive Officer. “Our strong financial condition allows us to take advantage of the current favorable interest rate environment, better optimize our capital structure, and return value to shareholders with this $250 million accelerated repurchase.”

The private placement of $475 million in Senior Notes is expected to be funded on two dates. An initial funding of $250 million was completed yesterday and includes two maturity tranches, with $125 million of 3.49% Senior Notes due in December of 2023 and $125 million of 3.61% Senior Notes due in December of 2025. A second funding of $225 million is expected to occur in February of 2015 and will be comprised of $100 million of 3.49% Senior Notes due in February of 2024 and $125 million of 3.61% Senior Notes due in February of 2026.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities. The securities have not been and will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws.

AptarGroup, Inc. is a leading global supplier of a broad range of innovative dispensing solutions for the beauty, personal care, home care, prescription drug, consumer health care, injectables, food, and beverage markets. AptarGroup is headquartered in Crystal Lake, Illinois, with manufacturing facilities in North America, Europe, Asia and Latin America. For more information, visit www.aptar.com.

This press release contains forward-looking statements. Forward-looking statements are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and are based on management’s beliefs as well as assumptions made by and information currently available to management. Our forward looking statements include statements regarding our intentions to repurchase stock, the method and timing as well as the number of shares repurchased, related expenditures and the benefits of such transactions, as well as statements regarding the anticipated closing of the second funding of the private placement. Actual results may differ materially from those expressed or implied in such forward-looking statements due to known or unknown risks and uncertainties that exist including, but not limited to, economic, environmental or political conditions in the various markets and countries in which AptarGroup operates; fiscal and monetary policies and other regulation; and the ability of AptarGroup to satisfy the conditions to the closing of the second funding of the private placement. For additional information on these and other risks and uncertainties, please see AptarGroup’s filings with the Securities and Exchange Commission, including its Form 10-K’s and Form 10-Q’s. Readers are cautioned not to place undue reliance on forward-looking statements. AptarGroup undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.