Packaging giant Ball Corp has said that it is planning to sell around €1.5 billion worth of bonds as it seeks to raise funds to complete its takeover of UK can maker Rexam.
In a statement, Ball said that it "has commenced an underwritten public offering of approximately €1.5 billion in aggregate principal amount of U.S. dollar-denominated Senior Notes due 2020 and euro-denominated Senior Notes due 2020 and 2023."
It will use the proceeds from the offering, as well as borrowings under its credit facilities, to "fund the cash portion of the purchase price payable in connection with the consummation of Ball's acquisition of Rexam PLC."
The Rexam deal is valued at approximately £4.3 billion (€6.09 billion).
© 2015 European Supermarket Magazine – your source for the latest retail news. Article by Stephen Wynne-Jones. To subscribe to ESM: The European Supermarket Magazine, click here.