Ball gets tenders for $251.01 million of 7 1/8% notes due 2016

By Angela McDaniels

Tacoma, Wash., June 11 - Ball Corp. received tenders for $251,008,000 principal amount, or 67%, of its $375 million of 7 1/8% senior notes due 2016, according to an 8-K filing with the Securities and Exchange Commission.

A tender offer for the notes began May 9 and ended at 9 a.m. ET on June 7.

The company was also soliciting consents to amend the notes to eliminate most of the restrictive covenants and events of default.

Holders who tendered their notes were deemed to have consented to the proposed amendments, and holders could not deliver consents without tendering their notes.

Consents were needed from the holders of at least a majority of the outstanding notes.

The purchase price is $1,053.22 plus accrued interest for each $1,000 principal amount of notes. This includes a consent payment of $7.50 per $1,000 of notes tendered by 5 p.m. ET on May 22, the consent deadline.

Holders had tendered $245.42 million, or 65%, of the notes as of the consent deadline.

The notes not purchased in the offer will be redeemed on June 21 at par plus the applicable premium.

The offer was conditioned on the execution of a supplemental indenture effecting the proposed amendments and the completion of financing.

Deutsche Bank Securities Inc. (800 503-4611) was the dealer manager and solicitation agent. D.F. King & Co., Inc. (800 207-3158 or, for banks and brokers, 212 269-5550) was the depositary and information agent.

Ball is a Broomfield, Colo.-based supplier of packaging for beverage, food and household products.

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