Ball takes on Crown in high yield race to the bottom
Ball Corporation, a US metal packaging and aerospace technology company, is looking to cut its financing costs with a €900m issue of senior unsecured notes. Crown, its closest peer in metal packaging, set a new floor — just 0.75% — for high yield coupons in Europe in October.
Bank of America Merrill Lynch is on the left for the new issue with Goldman Sachs and BNP Paribas also running the books. The roadshow will finish on Wednesday with the pricing expected to follow.Crown, Ball’s largest competitor in metal packaging, recently completed issuing €550m unsecured senior ...
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