BROOMFIELD, Colo., March 17 /PRNewswire-FirstCall/ -- Ball
Corporation (NYSE: BLL) announced today that it expects to commence
a public offering of approximately $450
million in aggregate principal amount of senior notes due in
2020. The exact terms and timing of the offering will depend upon
market conditions and other factors.
Ball intends to use the net proceeds from the offering, together
with borrowings under its revolving credit facility or accounts
receivable securitization facility or cash on hand, to retire all
of its currently outstanding 6.875 percent senior notes due in
2012, whether by redemption, tender offer, open market purchases,
privately negotiated transactions or otherwise. The retirement of
the 6.875 percent senior notes due in 2012 is expected to result in
a one-time, after-tax charge of approximately $4.7 million relating to the payment of a call
premium and write off of unamortized debt issuance costs.
Deutsche Bank Securities; BofA Merrill Lynch; J.P. Morgan;
Goldman, Sachs & Co.; and Barclays Capital are acting as joint
book-running managers of the offering.
Ball is making the offer under a shelf registration statement
previously declared effective by the U.S. Securities and Exchange
Commission. This offering will be made solely by means of a
prospectus and prospectus supplement, a copy of which may be
obtained on the SEC website at www.sec.gov. Alternatively, Ball,
any underwriter or any dealer participating in the offering will
arrange to send you the prospectus if you request it by calling
1-800-503-4611.
This announcement is neither an offer to sell nor a solicitation
of an offer to buy any securities and shall not constitute an
offer, solicitation or sale in any jurisdiction in which such
offer, solicitation or sale would be unlawful.
Ball Corporation is a supplier of high-quality metal and plastic
packaging for beverage, food and household products customers, and
of aerospace and other technologies and services, primarily for the
U.S. government.
Forward-Looking Statements
This release contains "forward-looking" statements concerning
future events and financial performance. Words such as "expects,"
"anticipates," "estimates" and similar expressions are intended to
identify forward-looking statements. Such 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 filings
with the Securities and Exchange Commission, including Exhibit 99.2
in our Form 10-K, which are available at our Web site and at
www.sec.gov. Factors that might affect our packaging segments
include fluctuation in product demand and preferences; availability
and cost of raw materials; competitive packaging availability,
pricing and substitution; changes in climate and weather; crop
yields; competitive activity; failure to achieve anticipated
productivity improvements or production cost reductions; mandatory
deposit or other restrictive packaging laws; changes in major
customer or supplier contracts or loss of a major customer or
supplier; and changes in foreign exchange rates or tax rates.
Factors that might affect our aerospace segment include: funding,
authorization, availability and returns of government and
commercial contracts; and delays, extensions and technical
uncertainties affecting segment contracts. Factors that might
affect the company as a whole include those listed plus: accounting
changes; changes in senior management; the current global recession
and its effects on liquidity, credit risk, asset values and the
economy; successful or unsuccessful acquisitions, joint ventures or
divestitures; integration of recently acquired businesses;
regulatory action or laws including tax, environmental, health and
workplace safety, including in respect of climate change, or
chemicals or substances used in raw materials or in the
manufacturing process; governmental investigations; technological
developments and innovations; goodwill impairment; antitrust,
patent and other litigation; strikes; labor cost changes; rates of
return projected and earned on assets of the company's defined
benefit retirement plans; pension changes; reduced cash flow;
interest rates affecting our debt; and changes to unaudited results
due to statutory audits or other effects.
SOURCE Ball Corporation