Ball Announces Completion of Refinancing of Credit Facility, Call of 2006 Bonds
October 13 2005 - 6:00PM
PR Newswire (US)
BROOMFIELD, Colo., Oct. 13 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE:BLL) today announced it has completed the closing
of its new senior secured credit facility. The new senior secured
credit facility extends debt maturities at lower interest rate
spreads and provides Ball with additional borrowing capacity and
more flexibility for future growth. Ball also announced it will
redeem all $249 million of its outstanding 7 3/4 percent Senior
Notes due in 2006. This redemption is scheduled for Nov. 14, 2005,
and will result in an after-tax, one-time charge of approximately
$3.9 million in the fourth quarter relating to payment of the call
premium and write off of unamortized debt issuance costs. The
refinancing and redemption of notes will result in a reduction of
Ball's 2006 interest expense. 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 hurricanes
Katrina and Rita, 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 Web site: http://www.ball.com/
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