By Andrea Heisinger
New York, Sept. 27 - Bemis Co., Inc. sold $400 million of 4.5% 10-year senior notes on Tuesday to yield Treasuries plus 258 basis points, an informed source said.
The notes (Baa1/BBB/) were priced at 99.353 to yield 4.581%.
There is a make-whole call at 40 bps before July 15, 2021 and at par after that date.
The notes also feature a change-of-control put at 101%.
Active bookrunners were Bank of America Merrill Lynch, J.P. Morgan Securities LLC and Wells Fargo Securities LLC. BNP Paribas Securities Corp. was a passive bookrunner.
Co-managers were ING Financial Markets LLC, Santander Investment Securities Inc., SMBC Nikko Capital Markets Ltd. and Williams Capital Group LP.
Proceeds will be used to repay outstanding commercial paper and for general corporate purposes.
Bemis last priced debt in an $800 million sale of paper with five- and 10-year maturities on July 20, 2009.
The diversified packaging company is based in Neenah, Wis.
| Issuer: | Bemis Co, Inc.
|
| Issue: | Senior notes
|
| Amount: | $400 million
|
| Maturity: | Oct. 15, 2021
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities LLC, Wells Fargo Securities LLC (active), BNP Paribas Securities Corp. (passive)
|
| Co-managers: | ING Financial Markets LLC, Santander Investment Securities Inc., SMBC Nikko Capital Markets Ltd., Williams Capital Group LP
|
| Coupon: | 4.5%
|
| Price: | 99.353
|
| Yield: | 4.581%
|
| Spread: | Treasuries plus 258 bps
|
| Call: | Make-whole at Treasuries plus 40 bps until July 15, 2021, after at par
|
| Change-of-control put: | 101%
|
| Trade date: | Sept. 27
|
| Settlement date: | Oct. 4
|
| Ratings: | Moody's: Baa1
|
| Standard & Poor's: BBB
|
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