S&P gives Bemis notes BBB

Standard & Poor's said it assigned its preliminary BBB senior unsecured rating to Bemis Co. Inc.'s well-known seasoned issuer shelf registration.

At the same time, the agency said it assigned a BBB senior unsecured debt rating to the company's proposed offering of a total of $800 million of senior unsecured notes, with maturities of five and 10 years.

These notes will be used to finance a portion of Bemis' $1.2 billion acquisition of the Alcan Packaging Food Americas operations from Rio Tinto, the agency added.

Bemis plans to finance the transaction with $1 billion of debt and $200 million of common equity, S&P noted.

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