Ball collects early tenders for 65% of $375 million 7 1/8% notes

By Jennifer Chiou

New York, May 23 - Ball Corp. said it accepted early tenders for $245.42 million, or roughly 65%, of its $375 million principal amount of 7 1/8% senior notes due 2016.

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

Those who tender after the consent date will receive $1,045.72 per $1,000 of notes.

The company also will pay accrued interest to but excluding the payment date.

The tender offer will end at 9 a.m. ET on June 7.

Ball Corp. is soliciting consents to amend the notes to eliminate most of the restrictive covenants and events of default. In order to amend the notes, the company must obtain consents for at least a majority of the outstanding notes.

The company said it received the needed consents to execute a supplemental indenture.

Holders who tender their notes will be deemed to consent to the proposed amendments and holders may not deliver consents without tendering their notes.

The offer is conditioned on execution of a supplemental indenture effecting the proposed amendments and the completion of financing with enough proceeds to fund the offer.

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

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

© 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.