Rexam starts roadshow in Europe for £500 million equivalent hybrid securities

By Paul A. Harris

St. Louis, June 14 - Rexam plc began a roadshow in Europe for a £500 million equivalent offering of euro-denominated 60-year subordinated hybrid securities (BB+), according to an informed source.

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.

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

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