| Add to balance / Manage account | User: | Log out |
| Prospect News home > News index > List of issuers T > Headlines for Tenders 2012 > News item |
Ball tenders, seeks consents for $450 million 6 5/8% notes due 2018
By Susanna Moon
Chicago, Feb. 24 - Ball Corp. began a cash tender offer to purchase any and all of its outstanding $450 million principal amount of 6 5/8% senior notes due 2018.
The company also is soliciting consents to amend the notes to eliminate most of the restrictive covenants and events of default in the note indenture, and it needs consents from at least a majority of the outstanding notes in order to do so, according to a company press release.
The total purchase price will be $1,025.83 per $1,000 principal amount of notes tendered by the consent deadline at 5 p.m. ET on March 8.
The total price includes a consent premium of $20.00 per $1,000 of notes.
The company also will pay accrued interest to but not including the payment date.
Holders who tender their notes must consent to the proposed amendments, and holders may not deliver consents without tendering their notes.
The offer will end at 9 a.m. ET on March 23. Tendered notes may be withdrawn by the consent deadline.
Holders who tender their notes after the consent date will not receive the consent payment.
Ball said it expects to settle notes tendered by the consent deadline the following business day. The final settlement date is expected to be the first business day after the offer ends.
The offer is conditioned on execution of a supplemental indenture and the completion of financing that will be sufficient to help fund the tender offer.
D.F. King & Co., Inc. (800 207-3158 or banks and brokers 212 269-5550) is the depositary and information agent. Bank of America Merrill Lynch (888 292-0070 or collect 980 387-3907) is the dealer manager and solicitation agent.
Ball 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.