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Ball gets consents needed to amend 6 5/8% notes due 2018
By Angela McDaniels
Tacoma, Wash., March 9 - Ball Corp. has received enough consents from the holders of its $450 million principal amount of 6 5/8% senior notes due 2018 to amend the indenture governing the notes, according to a company news release.
A tender offer and consent solicitation for the notes began Feb. 24.
The amendments eliminate most of the restrictive covenants and events of default in the note indenture. Consents were needed from the holders of at least a majority of the outstanding notes.
Holders who tender their notes must consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
Holders had tendered $392.7 million, or 87%, of the notes as of 5 p.m. ET on March 8, the consent deadline. The notes were accepted for payment and settled on March 9. The company used proceeds from its $750 million offering of 5% senior notes due 2022 to fund the purchase.
The purchase price is $1,025.83 per $1,000 principal amount of notes. This includes a consent premium of $20.00 for each note tendered by the consent deadline.
The company is also paying accrued interest to but excluding the applicable payment date.
The offer will continue until 9 a.m. ET on March 23.
Holders who tender their notes after the consent date will not receive the consent payment.
Bank of America Merrill Lynch (888 292-0070 or 980 387-3907) is the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 207-3158 or banks and brokers 212 269-5550) is the depositary and information agent.
Ball is a Broomfield, Colo.-based supplier of packaging for beverage, food and household products.
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