Rexam to place up to £500 million hybrid notes for OI Plastic buy

By Paul A. Harris

St. Louis, June 11 - Rexam plc has announced that it intends to launch an offering of up to £500 million equivalent of 60-year subordinated hybrid securities (BB+), subject to market conditions, following a U.K. and European roadshow.

Barclays Capital and Citigroup are joint bookrunners.

Proceeds, in addition to proceeds from an offering of 58,354,700 new ordinary shares, representing 9.99% of Rexam's issued ordinary share capital prior to the placing, and proceeds from the sale of Rexam's glass business, will be used to fund the $1.825 billion acquisition of OI Plastic Products FTS Inc.

London-based Rexam is a consumer packaging beverage can manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.