Deutsche Bank and JPMorgan are leading a $1.475 billion multi-currency transaction for Ball Corp., a Broomfield, Colo.-based supplier of metal and plastic packaging products. The deal includes a $715 million multi-currency revolver, a CAN$35 million revolver, a £85 million term loan "A," a e350 million term loan "B" and a CAN$75 million term loan "C." Pricing is LIBOR plus 87.5 basis points on all tranches. The refinancing launched Thursday.
The deal will extend maturities and offer better rates to the company. Although not investment-grade, it has solid credit and a good cash flow, one banker said of the deal's favorable pricing. Raymond Seabrook, senior v.p. and cfo, could not be reached.