By Andrea Heisinger
New York, July 20 - Bemis Co., Inc. priced $800 million notes (Baa1/BBB) in two tranches Monday, a market source said.
The $400 million 5.65% five-year notes priced at 99.831 to yield 5.689% with a spread of Treasuries plus 325 basis points.
A $400 million tranche of 6.8% 10-year notes priced at 99.691 to yield 6.843%, also with a spread of Treasuries plus 325 bps.
The notes feature a change-of-control put at 101% and make-whole calls at Treasuries plus 50 bps.
Bookrunners were J.P. Morgan Securities, Banc of America Securities, BNP Paribas Securities and Wells Fargo Securities.
Proceeds are going to fund a portion of the cash consideration in connection with the acquisition of Alcan Packaging Food Americas, totaling $1.2 billion.
The diversified packaging company is based in Neenah, Wis.
| Issuer: | Bemis Co., Inc.
|
| Issue: | Notes
|
| Amount: | $800 million
|
| Bookrunners: | J.P. Morgan Securities, Banc of America Securities, BNP Paribas Securities, Wells Fargo Securities
|
| Change-of-control put: | 101%
|
| Trade date: | July 20
|
| Settlement date: | July 27
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
|
|
| Five-year notes
|
| Amount: | $400 million
|
| Maturity: | Aug. 1, 2014
|
| Coupon: | 5.65%
|
| Price: | 99.831
|
| Yield: | 5.689%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
|
|
| Ten-year notes
|
| Amount: | $400 million
|
| Maturity: | Aug. 1, 2019
|
| Coupon: | 6.8%
|
| Price: | 99.691
|
| Yield: | 6.843%
|
| Spread: | Treasuries plus 325 bps
|
| Call: | Make-whole at Treasuries plus 50 bps
|
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