Ball Announces Proposed Refinancing of Credit Facility
September 08 2005 - 9:30AM
PR Newswire (US)
BROOMFIELD, Colo., Sept. 8 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) today announced its intentions to pursue a
new senior secured credit facility to refinance the company's
existing senior secured credit facility. Deutsche Bank Securities,
Inc. and JPMorgan Securities, Inc. will arrange a syndicate of
lenders for the new credit facility. Ball expects to close on the
new senior credit facility in the fourth quarter of 2005. This
action will result in an after-tax charge of approximately $7
million in the fourth quarter of 2005 related to unamortized
financing costs on the existing senior secured credit facility. The
new credit facility will extend maturities at more favorable rates
and provide the company with additional funds for various corporate
purposes. "This action will provide Ball with greater flexibility
for future growth," said R. David Hoover, the company's chairman,
president and chief executive officer. Ball Corporation is a
supplier of metal and plastic packaging products, primarily for the
beverage and food industries. The company also owns Ball Aerospace
& Technologies Corp., which develops sensors, spacecraft,
systems and components for government and commercial markets. Ball
Corporation employs more than 13,500 people and reported 2004 sales
of $5.4 billion. Forward-Looking Statements The information in this
news release contains "forward-looking" statements and other
statements concerning future events and financial performance.
Words such as "expects," "anticipates," "estimates," and variations
of same and similar expressions are intended to identify
forward-looking statements. Forward-looking statements are subject
to risks and uncertainties which could cause actual results to
differ materially from those expressed or implied. The company
undertakes no obligation to publicly update or revise any
forward-looking statements, whether as a result of new information,
future events or otherwise. Key risks and uncertainties are
summarized in the company's filings with the Securities and
Exchange Commission, especially in Exhibit 99.2 in the most recent
Form 10-K. These filings are available at our Web site and at
http://www.sec.gov/. Factors that might affect our packaging
segments include fluctuation in consumer and customer demand;
availability and cost of raw materials, including due to the
effects of Hurricane Katrina, as well as recent significant
increases in resin, steel, aluminum and energy costs, and the
ability to pass such increases on to customers; competitive
packaging availability, pricing and substitution; changes in
climate and weather; fruit, vegetable and fishing yields; industry
productive capacity and competitive activity; failure to achieve
anticipated productivity improvements or production cost
reductions, including those associated with our beverage can end
project; the German mandatory deposit or other restrictive
packaging laws; changes in major customer or supplier contracts or
loss of a major customer or supplier; international business risks,
including foreign exchange rates, tax rates and activities of
foreign subsidiaries; and the effect of LIFO accounting on
earnings. Factors that might affect aerospace segment include:
funding, authorization and availability of government contracts and
the nature and continuation of those contracts; and technical
uncertainty associated with segment contracts. Factors that could
affect the company as a whole include those listed plus:
acquisitions, joint ventures or divestitures; regulatory action or
laws including tax, environmental and workplace safety;
governmental investigations; goodwill impairment; antitrust and
other litigation; strikes; boycotts; labor cost changes; rates of
return projected and earned on assets of the company's defined
benefit retirement plans; reduced cash flow; interest rates
affecting our debt; and changes to unaudited results due to
statutory audits or management's evaluation of the company's
internal control over financial reporting. DATASOURCE: Ball
Corporation CONTACT: investors, Ann. T. Scott, +1-303-460-3537, ,
or media, Scott McCarty, +1-303-460-2103, , both of Ball
Corporation
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