Ball Metalpack to launch $665 million credit facilities on Wednesday

By Sara Rosenberg

New York, July 9 – Ball Metalpack is scheduled to hold a bank meeting at 1 p.m. ET in New York on Wednesday to launch $665 million of credit facilities, according to a market source.

The facilities consist of a $125 million asset-based lending revolver, a $375 million first-lien term loan due 2025 and a $165 million second-lien term loan due 2026, the source said.

Goldman Sachs Bank USA, Bank of America Merrill Lynch, Deutsche Bank Securities Inc., Credit Suisse Securities (USA) LLC, Mizuho and Stifel are the leads on the deal, with Goldman the left lead on the first-lien loan and Bank of America the left lead on the second-lien.

Proceeds will be used to form Ball Metalpack via a joint venture between Ball Corp. and Platinum Equity Capital Partners.

Under the agreement, Ball will contribute its U.S. steel food and aerosol packaging manufacturing assets to the joint venture, and in return will receive more than $600 million in pre-tax proceeds and will retain a 49% interest in Ball Metalpack, for a total value of about $675 million.

Ball Metalpack is a manufacturer of tinplate food and aerosol cans.

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