Ball Buys Back Debt

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Food and beverage packaging specialist Ball  (NYSE: BLL  )  has launched a cash tender offer for its 7.125% senior notes maturing in 2016. The company is offering $1,053.22 in total for each $1,000 in principal value of the notes, plus accrued and unpaid interest. All told, the issue has an aggregate principal amount of $375 million.

The canning-jar maker is offering $7.50 for note holders who tender their notes by the deadline, as well as $1,045.72 as tender consideration. Those who tender their notes after the deadline will only receive the tender consideration. The offer expires at 9:00 a.m. New York City time on June 7.

The offer is subject to certain conditions, including Ball's execution of a supplemental indenture effecting the proposed amendments, such as the elimination of most of the restrictive covenants, certain events of default, and certain other provisions contained in the indenture governing the notes. Additionally, it will have to complete financing arrangements on terms it considers satisfactory.

Deutsche Bank's eponymous Securities unit is the dealer manager and solicitation agent in the tender.

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9/27/2016 2:59 PM
BLL $79.55 Up +0.51 +0.64%
Ball Corp CAPS Rating: ***