Silgan to launch $1 billion credit facility in June

By Sara Rosenberg

New York, May 26 - Silgan Holdings Inc. is expecting to launch its proposed $1 billion credit facility some time in June, although specific timing for the bank meeting has not been nailed down as of yet, according to a market source.

Deutsche Bank Securities Inc. and Banc of America Securities LLC are the lead banks on the deal, with Deutsche the left lead.

Structural details on the deal are not yet available, the source added.

Proceeds will be used to refinance the company's existing senior secured credit facility.

Through this new deal, Silgan hopes to get lower interest rate margins based on its strengthening credit statistics and favorable market conditions, extend maturities and amortization periods, and gain more covenant flexibility, a company news release said.

Silgan is a Stamford, Conn., supplier of consumer goods packaging products.

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