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Ball announces early results of tender offers for 2025, 2026 notes
Chicago, Feb. 28 – Ball Corp. announced the early results of its any-and-all tender offers for two of its outstanding notes on Wednesday evening, according to a press release.
Ball received tenders in the following amounts, with the details and pricing considerations:
• $804,314,000 tendered of the $1 billion outstanding 5¼% senior notes due 2025 (Cusip: 058498AT3) at $1,000 per $1,000 principal amount, with pricing based on the 4 5/8% U.S. Treasury due June 30, 2025 and a fixed spread of 50 basis points; and
• $492,907,000 tendered of the $750 million outstanding 4 5/8% senior notes due 2026 (Cusip: 058498AV8) at $990.38 per $1,000 principal amount, with pricing based on the 4 5/8% U.S. Treasury due March 15, 2026 and a fixed spread of 70 bps.
The total consideration includes a $30 early tender premium for each $1,000 of notes tendered on or before the early tender deadline.
In addition to the purchase price, the issuer will also pay accrued interest.
The tender considerations were calculated at 10 a.m. ET and released earlier on Wednesday.
The early tender deadline, which is also the withdrawal deadline, was 5 p.m. ET on Feb. 28.
Early settlement is expected Feb. 29.
The tender offers will expire at 5 p.m. ET on March 14, with final settlement expected March 15.
The tender offer is expected to be paid with funds from the sale of Ball’s aerospace business.
The dealer managers are BNP Paribas Securities Corp. (212 841-3059; 888 210-4358; dl.us.liability.management@us.bnpparibas.com) and Morgan Stanley & Co. LLC (212 761-1057; 800 624-1808; debt_advisory@morganstanley.com).
D.F. King & Co., Inc. (866 796-1291; ball@dfking.com) is the tender agent and information agent.
Ball is a Broomfield, Colo.-based provider of packaging solutions for beverage, food and household products customers as well as aerospace and other technologies and services primarily for the U.S. government.
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