9th Feb 2016 14:09
LONDON (Alliance News) - The US's Ball Corp, which is in the process of acquiring London-listed beverage can maker Rexam PLC, on Tuesday said it has begun syndication for new revolving and term loan senior secured credit facilities to refinance its existing revolver and bridge term loan facilities entered in February 2015.
The new USD3.9 billion senior secured credit facility will mature in 2021.
"The new term loan credit facilities will, when finalised, represent the final portion of permanent financing related to Ball's proposed offer for Rexam and are expected to reduce the bridge loan term facility accordingly," Ball said.
Ball agreed to buy Rexam for GBP4.3 billion in February 2015 and expects to close on the acquisition in the first half of 2016.
Shares in Rexam were up 0.6% at 590.50 pence on Tuesday afternoon.
By Samuel Agini; [email protected]; @samuelagini
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