Ball launches 900M euro public offering to restructure debt
BROOMFIELD — Ball Corp. (NYSE: BLL) began a public debt offering of 900 million euros in a bid to refinance existing debts.
The aerospace and container manufacturer said in a press release that the debt notes, which would primarily be offered in Europe, would be used to refinance both euro- and U.S. dollar-based debts due next year, and potential use as working capital or to finance acquisitions or share buybacks.
According to its latest quarterly filing ending Sept. 30, Ball has a $1 billion debt note at a 4.375 percent interest rate and a $436 million euro-denominated debt note at 3.5 percent, both due in December 2020. The company has $6.62 billion in debts between revolving credit and long-term debt notes.
SPONSORED CONTENT
People Powered: Preparing Longmont Businesses for Economic Success
Longmont Chamber and FNBO present People Powered on April 24, 2024, aiming to inform business owners about workforce development, housing, and transportation issues.
Ball’s offering is worth $993.42 million USD, per the euro-dollar exchange rate at noon Monday. The company did not specify what interest rate would be offered with the debts.
Ball’s announcement comes a week after fellow aerospace company Maxar Technologies Inc. (NYSE: MAXR) said it would offer $1.25 billion in notes to refinance existing debts.
