Silgan Announces Partial Redemption of Its Outstanding 5% Senior Notes
March 03 2017 - 9:00AM
Business Wire
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid
packaging for consumer goods products, announced today that it has
given an irrevocable notice for the redemption of $220 million
aggregate principal amount of its outstanding 5% Senior Notes due
2020. Prior to this redemption, the Company had outstanding $500
million of its 5% Senior Notes, and accordingly following this
redemption the Company will continue to have outstanding $280
million of its 5% Senior Notes. The redemption date for this
partial redemption is April 3, 2017. Pursuant to the terms of the
indenture governing the 5% Senior Notes, the Company will redeem
$220 million aggregate principal amount of the 5% Senior Notes at a
redemption price of 101.25% of their principal amount, or $222.75
million, plus accrued and unpaid interest up to the redemption
date. The Company will fund this partial redemption from a portion
of the net proceeds it received from its recent issuance of €650
million of its 3 ¼% Senior Notes due 2025. As a result of this
redemption, the Company will incur a loss on early extinguishment
of debt of approximately $0.05 per diluted share.
Silgan is a leading supplier of rigid packaging for consumer
goods products with annual net sales of approximately $3.6 billion
in 2016. Silgan operates 87 manufacturing facilities in North and
South America, Europe and Asia. Silgan is a leading supplier of
metal containers in North America and Europe, and a leading
worldwide supplier of metal, composite and plastic vacuum closures
for food and beverage products. In addition, Silgan is a leading
supplier of plastic containers for shelf-stable food and personal
care products in North America.
Statements included in this press release which are not
historical facts are forward looking statements made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995 and the Securities Exchange Act of 1934, as
amended. Such forward looking statements are made based upon
management’s expectations and beliefs concerning future events
impacting the Company and therefore involve a number of
uncertainties and risks, including, but not limited to, those
described in the Company’s Annual Report on Form 10-K for 2016 and
other filings with the Securities and Exchange Commission.
Therefore, the actual results of operations or financial condition
of the Company could differ materially from those expressed or
implied in such forward looking statements.
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version on businesswire.com: http://www.businesswire.com/news/home/20170303005095/en/
Silgan Holdings Inc.Robert B. Lewis,
203-406-3160
Silgan (NASDAQ:SLGN)
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