Smurfit Westrock plc S-3ASR, filed Nov 12, 2025

Smurfit Westrock plc (SW)

S-3ASR 2025-11-12

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	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☐
				Emerging growth company ☐

Exact Name of Registrant as Specified in its Charter	State or other jurisdiction of incorporation or organization	Primary Standard Industrial Classification	I.R.S. Employer Identification Number
Smurfit Kappa Acquisitions Unlimited Company(2)	Ireland	2650	—
Smurfit Kappa Group Limited(2)	Ireland	2650	—
Smurfit Kappa Investments Limited(2)	Ireland	2650	—
Smurfit Kappa Treasury Funding Designated Activity Company(2)	Ireland	2650	—
Smurfit International B.V.(3)	Netherlands	2650	—
Smurfit WestRock US Holdings Corporation(4)	Delaware	2650	99-2650736
WestRock Company(4)	Delaware	2650	37-1880617
WestRock MWV, LLC(4)	Delaware	2650	31-1797999
WestRock RKT, LLC(4)	Georgia	2650	62-0342590
WRKCo Inc.(4)	Delaware	2650	47-3335141

	ABOUT THIS PROSPECTUS					1
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS					3
	Where You Can Find More Information and Incorporation By Reference					5
	RISK FACTORS					6
	THE COMPANY					7
	USE OF PROCEEDS					8
	DESCRIPTION OF DEBT SECURITIES AND GUARANTEES					9
	DESCRIPTION OF ORDINARY SHARES					18
	DESCRIPTION OF OTHER SECURITIES					22
	SELLING SECURITY HOLDERS					23
	PLAN OF DISTRIBUTION					24
	VALIDITY OF SECURITIES AND GUARANTEES					27
	EXPERTS					27

SEC registration fee	$	(1)
Printing and engraving expenses		(2)
Legal fees and expenses		(2)
Accounting fees and expenses		(2)
Trustee’s fees and expenses		(2)
Rating Agencies’ fees		(2)
Miscellaneous		(2)
Total	$	(2)

	Exhibit Number			Description of Document
	1.1			Form of Underwriting Agreement.**
	4.1			Form of Indenture, among Smurfit Westrock plc, Smurfit Kappa Treasury Unlimited Company, Smurfit Westrock Financing Designated Activity Company, the other guarantors party thereto and Deutsche Bank Trust Company Americas, as trustee.*
	4.2			Form of Debt Securities and Guarantees relating thereto (included in Exhibit 4.1).*
	4.3			Form of Debt Warrant Agreement, including a form of debt warrant certificate.**
	4.4			Form of Equity Warrant Agreement, including a form of equity warrant certificate.**
	4.5			Form of Purchase Contract Agreement.**
	4.6			Form of Unit Agreement.**
	5.1			Opinion of Hogan Lovells US LLP.*
	5.2			Opinion of William Fry LLP.*
	5.3			Opinion of Stibbe London B.V.*
	5.4			Opinion of Steven B. Nickerson.*
	22.1			List of Subsidiary Guarantors and Issuers of Guaranteed Securities.*
	23.1			Consent of KPMG, independent registered public accounting firm (Smurfit Westrock plc).*
	23.2			Consent of KPMG, independent registered public accounting firm (Smurfit Kappa Group Limited).*
	23.3			Consent of Ernst & Young LLP, independent registered public accounting firm (WestRock Company).*
	23.4			Consent of Hogan Lovells US LLP (included in Exhibit 5.1).*
	23.5			Consent of William Fry LLP (included in Exhibit 5.2).*
	23.6			Consent of Stibbe London B.V. (included in Exhibit 5.3).*
	23.7			Consent of Steven B. Nickerson (included in Exhibit 5.4).*
	24.1			Powers of attorney (included on signature pages hereof).*
	25.1			Statement of eligibility of Trustee on Form T-1 with respect to Exhibit 4.1.*
	107			Filing Fee Table.*

Signature	Title	Date
/s/ Anthony Smurfit Anthony Smurfit	President & Group Chief Executive Officer and Director (Principal Executive Officer)	November 12, 2025
/s/ Ken Bowles Ken Bowles	Executive Vice President & Group Chief Financial Officer and Director (Principal Financial Officer)	November 12, 2025
/s/ Irene Page Irene Page	Chief Accounting Officer (Principal Accounting Officer)	November 12, 2025
/s/ Irial Finan Irial Finan	Director	November 12, 2025
/s/ Kaisa Hietala Kaisa Hietala	Director	November 12, 2025
/s/ Colleen F. Arnold Colleen F. Arnold	Director	November 12, 2025

Trust Indenture Act Section		Indenture Section
§310	(a)(1)	8.9
	(a)(2)	8.9
	(a)(3)	Not Applicable
	(a)(4)	Not Applicable
	(b)	8.3, 8.7, 8.9, 8.10
§311	(a)	8.11
	(b)	8.11
§312	(a)	5.1, 5.2
	(b)	5.2
	(c)	5.2
§313	(a)	5.3
	(b)	5.3
	(c)	5.3
	(d)	5.3
§314	(a)	4.4
	(a)(4)	4.5
	(b)	Not Applicable
	(c)(1)	12.3
	(c)(2)	12.4
	(c)(3)	Not Applicable
	(d)	Not Applicable
	(e)	12.4
§315	(a)	8.1(b)
	(b)	8.5
	(c)	8.1(a)
	(d)	8.1(c)
	(d)(1)	8.1(c)(1)
	(d)(2)	8.1(c)(2)
	(d)(3)	8.1(c)(3)
	(e)	7.14
§316	(a)(1)(A)	7.8
	(a)(1)(B)	7.7
	(a)(2)	Not Applicable
	(a)(last sentence)	2.14
	(b)	7.15
	(c)	12.5
§317	(a)(1)	7.10
	(a)(2)	7.11
	(b)	4.3
§318	(a)	1.2

ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	6

SECTION 1.1. Definitions	6
SECTION 1.2. Incorporation by Reference of TIA	17
SECTION 1.3. Rules of Construction	18

ARTICLE II THE NOTES	18

SECTION 2.1. Amount Unlimited; Issuable in Series	18
SECTION 2.2. Form and Dating	21
SECTION 2.3. Denominations	22
SECTION 2.4. Execution, Authentication, Delivery and Dating	22
SECTION 2.5. Temporary Securities	23
SECTION 2.6. Registration; Registration of Transfer and Exchange	24
SECTION 2.7. Mutilated, Destroyed, Lost and Stolen Notes	26
SECTION 2.8. Payment of Interest; Interest Rights Preserved	27
SECTION 2.9. Persons Deemed Owners	28
SECTION 2.10. Cancellation	28
SECTION 2.11. Computation of Interest	28
SECTION 2.12. CUSIP and ISIN Numbers	29
SECTION 2.13. Outstanding Notes	29
SECTION 2.14. Treasury Notes	29

ARTICLE III REDEMPTION	30

SECTION 3.1. Optional Redemption	30
SECTION 3.2. Election to Redeem; Notices to Trustee	30
SECTION 3.3. Selection of Notes to Be Redeemed	30
SECTION 3.4. Notice of Redemption	31
SECTION 3.5. Effect of Notice of Redemption	32
SECTION 3.6. Deposit of Redemption Price	33
SECTION 3.7. Notes Redeemed in Part	33

ARTICLE IV COVENANTS	34

SECTION 4.1. Payment of Notes	34
SECTION 4.2. Maintenance of Office or Agency	34
SECTION 4.3. Money for Notes Payments to Be Held in Trust	34
SECTION 4.4. Reports by the Issuer and the Guarantors	35
SECTION 4.5. Statements as to Compliance	36
SECTION 4.6. Negative Pledge	36
SECTION 4.7. Additional Amounts	36
SECTION 4.8. Payment of Non-Income Taxes and Similar Charges	37

ARTICLE V HOLDERS’ LISTS AND REPORTS BY THE TRUSTEE	38

SECTION 5.1. Issuer and Guarantors to Furnish Trustee Names and Addresses of Holders	38
SECTION 5.2. Preservation of Information; Communications to Holders	38
SECTION 5.3. Reports by Trustee to Holders	38

ARTICLE VI SUCCESSOR CORPORATION	39

SECTION 6.1. Consolidation, Merger or Sale of Assets	39
SECTION 6.2. Successor Corporation Substituted	40

ARTICLE VII DEFAULT AND REMEDIES	40

SECTION 7.1. Events of Default	40
SECTION 7.2. Acceleration	41
SECTION 7.3. Other Remedies	42
SECTION 7.4. The Trustee May Enforce Claims Without Possession of Notes	42
SECTION 7.5. Rights and Remedies Cumulative	42
SECTION 7.6. Delay or Omission Not Waiver	42
SECTION 7.7. Waiver of Past Defaults	42
SECTION 7.8. Control by Majority	43
SECTION 7.9. Limitation on Suits	43
SECTION 7.10. Collection Suit by Trustee	43
SECTION 7.11. Trustee May File Proofs of Claim	44
SECTION 7.12. Priorities	44
SECTION 7.13. Restoration of Rights and Remedies	45
SECTION 7.14. Undertaking for Costs	45
SECTION 7.15. Rights of Holders to Receive Payment	45

ARTICLE VIII TRUSTEE	45

SECTION 8.1. Duties of Trustee	45
SECTION 8.2. Rights of Trustee	46
SECTION 8.3. Individual Rights of Trustee	48
SECTION 8.4. Trustee’s Disclaimer	48
SECTION 8.5. Notice of Default	48
SECTION 8.6. Compensation and Indemnity	48
SECTION 8.7. Replacement of Trustee	49
SECTION 8.8. Successor Trustee by Merger, etc.	51
SECTION 8.9. Eligibility; Disqualification	51
SECTION 8.10. Disqualification; Conflicting Interests	51
SECTION 8.11. Preferential Collection of Claims Against Issuer	51
SECTION 8.12. Force Majeure	51
SECTION 8.13. Consequential Loss	51

ARTICLE IX SATISFACTION AND DISCHARGE OF INDENTURE	52

SECTION 9.1. Option to Effect Legal Defeasance or Covenant Defeasance	52
SECTION 9.2. Legal Defeasance and Discharge	52
SECTION 9.3. Covenant Defeasance	53
SECTION 9.4. Conditions to Legal or Covenant Defeasance	53
SECTION 9.5. Satisfaction and Discharge of Indenture	54
SECTION 9.6. Survival of Certain Obligations	55
SECTION 9.7. Acknowledgment of Discharge by Trustee	55
SECTION 9.8. Application of Trust Moneys	55
SECTION 9.9. Repayment to the Issuer; Unclaimed Money	56
SECTION 9.10. Reinstatement	56

ARTICLE X AMENDMENTS, SUPPLEMENTS AND WAIVERS	57

SECTION 10.1. Without Consent of Holders of Notes	57
SECTION 10.2. With Consent of Holders of Notes	58
SECTION 10.3. Revocation and Effect of Consents	60
SECTION 10.4. Notation on or Exchange of Notes	60
SECTION 10.5. Trustee to Sign Amendments, etc.	60

ARTICLE XI GUARANTEES	61

SECTION 11.1. Guarantee	61
SECTION 11.2. Limitation on Liability	62
SECTION 11.3. Successors and Assigns	63
SECTION 11.4. No Waiver	63
SECTION 11.5. Modification	63
SECTION 11.6. Release of Guarantor	63

ARTICLE XII MISCELLANEOUS	64

SECTION 12.1. Notices, Etc. to Trustee, the Issuer and any Guarantor	64
SECTION 12.2. Notice to Holders; Waiver	65
SECTION 12.3. Certificate and Opinion as to Conditions Precedent	65
SECTION 12.4. Statements Required in Certificate or Opinion	66
SECTION 12.5. Acts of Holders; Record Dates	67
SECTION 12.6. Legal Holidays	69
SECTION 12.7. Governing Law	69
SECTION 12.8. Submission to Jurisdiction; Appointment of Agent for Service	69
SECTION 12.9. No Personal Liability of Directors, Officers, Employees, Incorporators or Stockholders	70
SECTION 12.10. Currency Calculation	70
SECTION 12.11. Successors	70
SECTION 12.12. Counterpart Originals	70
SECTION 12.13. Severability	71
SECTION 12.14. Table of Contents, Headings, etc.	71
SECTION 12.15. Patriot Act	71

Exhibit A		-		Form of Global Note
Exhibit B		-		Form of Definitive Note


Very truly yours,

ISSUER:

[Insert name of applicable Issuer]

	By:

		Name:
		Title:

	By:

		Name:
		Title:

IRISH GUARANTORS: [Smurfit Westrock plc] Smurfit Kappa Group LIMITED Smurfit Kappa Investments Limited Smurfit Kappa Acquisitions Unlimited Company Smurfit Kappa Treasury Funding Designated Activity Company [Smurfit Kappa Treasury Unlimited Company] [SMURFIT WESTROCK FINANCING DESIGNATED ACTIVITY COMPANY]

	By:

		Name: Title: Authorized Attorney

	By:

		Name: Title: Authorized Attorney

DUTCH GUARANTOR:   Smurfit International B.V.

	By:

		Name: Title: Authorized Signatory

	By:

		Name: Title: Authorized Attorney


Delaware GUARANTORS:

Smurfit WestRock US Holdings Corporation
WestRock Company
WestRock MWV, LLC
WRKCo. Inc.

	By:

		Name: Title: Authorized Signatory

	By:

		Name: Title: Authorized Attorney

This is one of the Notes referred to in the within-mentioned Indenture:

DEUTSCHE BANK TRUST COMPANY AMERICAS, as Authenticating Agent for DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

By:
Name:
Title:

Dated:

Date of Decrease/ Increase	Decrease in Principal Amount at Maturity	Increase in Principal Amount at Maturity	Total Principal Amount at Maturity Following such Decrease/ Increase	Notation Made by or on Behalf of Trustee

This is one of the Notes referred to in the within-mentioned Indenture:

[DEUTSCHE BANK TRUST COMPANY AMERICAS], as Authenticating Agent for DEUTSCHE BANK TRUST COMPANY AMERICAS, as Trustee

By:
Name:
Title:

Dated:


Georgia GUARANTOR:

WestRock RKT, LLC

	By:

		Name:
		Title: Authorized Signatory

	By:

		Name:
		Title: Authorized Attorney

Deutsche Bank Trust Company Americas, as Trustee, Paying Agent, Transfer Agent and Registrar

	By:

		Name: Title:

	By:

		Name: Title:

Name	Jurisdiction	Registration Number (or equivalent, if any)
Smurfit Kappa Group Limited	Ireland	433527
Smurfit Kappa Investments Limited	Ireland	380620
Smurfit Kappa Acquisitions Unlimited Company	Ireland	358039
Smurfit Kappa Treasury Funding Designated Activity Company	Ireland	239631
Smurfit Kappa Treasury Unlimited Company (when it is not the Issuer under this Indenture)	Ireland	177324
Smurfit Westrock Financing Designated Activity Company (when it is not the Issuer under this Indenture)	Ireland	774613
Smurfit International B.V.	Netherlands	33149443
Smurfit WestRock US Holdings Corporation	State of Delaware	7665333
WestRock Company	State of Delaware	6727858
WestRock MWV, LLC	State of Delaware	3429632
WRKCo. Inc.	State of Delaware	5688407
WestRock RKT, LLC	State of Georgia	J518706

	[Insert name of applicable Issuer]

	By:
	Name:
	Title:

	By:
	Name:
	Title:

Name of Guarantor	State or other jurisdiction of incorporation or organization
Smurfit International B.V.	Netherlands
Smurfit Kappa Acquisitions Unlimited Company	Ireland
Smurfit Kappa Group Limited	Ireland
Smurfit Kappa Investments Limited	Ireland
Smurfit Kappa Treasury Funding Designated Activity Company	Ireland
WestRock RKT, LLC	Georgia
Smurfit WestRock US Holdings Corporation	Delaware
WestRock Company	Delaware
WestRock MWV, LLC	Delaware
WRKCo Inc.	Delaware

William Fry LLP
2 Grand Canal Square \| Dublin 2 \| D02 A342 \| Ireland
T. +353 1 639 5000 \| info@williamfry.com

Name	Company Number
Smurfit Kappa Treasury Unlimited Company	177324
Smurfit Westrock Financing Designated Activity Company	774613
Smurfit Kappa Group Limited	433527
Smurfit Kappa Investments Limited	380620
Smurfit Kappa Acquisitions Unlimited Company	358039
Smurfit Kappa Treasury Funding Designated Activity Company	239631

Smurfit Westrock plc	Stibbe London B.V.
Smurfit Kappa Treasury Unlimited Company
Smurfit Westrock Financing Designated Activity Company	53 New Broad Street
The Guarantors (as defined below) listed in Schedule 1 hereto	London EC2M 1JJ
	United Kingdom T +44 207 151 09 20

	www.stibbe.com

	Date 12 November 2025

Name of Guarantor	State or other jurisdiction of incorporation or organization
Smurfit International B.V.	Netherlands
Smurfit Kappa Acquisitions Unlimited Company	Ireland
Smurfit Kappa Group Limited	Ireland
Smurfit Kappa Investments Limited	Ireland
Smurfit Kappa Treasury Funding Designated Activity Company	Ireland
WestRock RKT, LLC	Georgia
Smurfit WestRock US Holdings Corporation	Delaware
WestRock Company	Delaware
WestRock MWV, LLC	Delaware
WRKCo Inc.	Delaware

Issuers and/or Subsidiary Guarantors		Jurisdiction of Incorporation or Organization
Smurfit Kappa Treasury Unlimited Company		Ireland

Smurfit Westrock Financing Designated Activity Company		Ireland

Subsidiary Guarantors		Jurisdiction of Incorporation or Organization
Smurfit Kappa Treasury Unlimited Company		Ireland
Smurfit Westrock Financing Designated Activity Company		Ireland
Smurfit Kappa Acquisitions Unlimited Company		Ireland
Smurfit Kappa Group Limited		Ireland
Smurfit Kappa Investments Limited		Ireland
Smurfit Kappa Treasury Funding Designated Activity Company		Ireland
Smurfit International B.V.		Netherlands
Smurfit WestRock US Holdings Corporation		Delaware
WestRock Company		Delaware
WestRock MWV, LLC		Delaware
WestRock RKT, LLC		Georgia
WRKCo Inc.		Delaware

NEW YORK	13-4941247
(Jurisdiction of Incorporation or	(I.R.S. Employer
organization if not a U.S. national bank)	Identification no.)

1 COLUMBUS CIRCLE
NEW YORK, NEW YORK	10019
(Address of principal	(Zip Code)
executive offices)

Ireland	98-1776979
	—
	98-1828972
(State or other jurisdiction of	(I.R.S. Employer
incorporation or organization)	Identification No.)

Gillian Carson-Callan
Group SVP Finance & Company Secretary
Beech Hill, Clonskeagh
Dublin 4, D04 N2R2
Ireland
+353 1 202 7000	D04 N2R2
(Address of principal executive offices)	(Zip code)

	(1)	Smurfit Westrock plc directly or indirectly owns 100% of Smurfit Kappa Treasury Unlimited Company and Smurfit Westrock Financing Designated Activity Company and the other co-registrants in this table. Each guarantee of the debt securities registered hereunder will be full and unconditional and joint and several.
	(2)	The address, including zip code, of the principal executive office for this additional obligor is Beech Hill, Clonskeagh, Dublin 4, D04 N2R2, Ireland.
	(3)	The address, including zip code, of the principal executive office for this additional obligor is Innovatiepark 8, 4906AA, Oosterhout, The Netherlands.
	(4)	The address, including zip code, of the principal executive office for this additional obligor is 1000 Abernathy Road NE, Atlanta, GA 30328.

	Name	Address

	Federal Reserve Bank (2nd District)	New York, NY
	Federal Deposit Insurance Corporation	Washington, D.C.
	New York State Banking Department	Albany, NY

	Exhibit 1 -	Restated Organization Certificate of Bankers Trust Company dated August 31, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 25, 1998; Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated December 18, 1998;Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated September 3, 1999; and Certificate of Amendment of the Organization Certificate of Bankers Trust Company dated March 14, 2002, incorporated herein by reference to Exhibit 1 filed with Form T-1 Statement, Registration No. 333-201810.

	Exhibit 2 -	Certificate of Authority to commence business, incorporated herein by reference to Exhibit 2 filed with Form T-1 Statement, Registration No. 333-201810.

	Exhibit 3 -	Authorization of the Trustee to exercise corporate trust powers, incorporated herein by reference to Exhibit 3 filed with Form T-1 Statement, Registration No. 333-201810.

	Exhibit 4-	A copy of existing By-Laws of Deutsche Bank Trust Company Americas, dated May 1, 2025 (see attached).

	Exhibit 5 -	Not applicable.

	Exhibit 6 -	Consent of Bankers Trust Company required by Section 321(b) of the Act, incorporated herein by reference to Exhibit 6 filed with Form T-1 Statement, Registration No. 333-201810.

	Exhibit 7 -	A copy of the latest report of condition of the trustee published pursuant to law or the requirements of its supervising or examining authority.

	Exhibit 8 -	Not Applicable.

	Exhibit 9 -	Not Applicable.

	DEUTSCHE BANK TRUST COMPANY AMERICAS

		/s/ Jacqueline Bartnick
	By:	Name: Jacqueline Bartnick
		Title: Director