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Ball Corporation Announces Early Tender Results Of Cash Tender Offer And Related Consent Solicitation

BROOMFIELD, Colo., May 23, 2013 /PRNewswire/ -- Ball Corporation [NYSE: BLL] announced today the early settlement of its previously announced cash tender offer (the "Offer") for any and all of its 7.125% Senior Notes due 2016 (CUSIP 058498 AM8) (the "Notes") and the related consent solicitation.

As part of the Offer, Ball solicited consents (the "Consent Solicitation") from the holders of the Notes for certain proposed amendments that would eliminate most of the restrictive covenants, certain events of default and certain other provisions contained in the indenture (the "Indenture") governing the Notes (the "Proposed Amendments"). Adoption of the Proposed Amendments required consents from holders of at least a majority in aggregate principal amount of the Notes outstanding. Ball announced today that it has received the requisite consents in the Consent Solicitation to execute a supplemental indenture to effect the Proposed Amendments pursuant to its Offer to Purchase and Consent Solicitation Statement, dated May 9, 2013 (the "Offer to Purchase"). 

As of 5:00 p.m. EDT on May 22, 2013 (the "Consent Deadline"), $245,420,000 aggregate principal amount of the outstanding Notes (representing approximately 65% of the outstanding Notes) had been tendered. Ball has exercised its option to accept for payment and settle the Offer with respect to Notes that were validly tendered and not subsequently withdrawn at or prior to the Consent Deadline and used the net proceeds from its offering of senior notes completed on May 16, 2013, to pay the total consideration for the Notes tendered. Holders of the Notes who tendered their Notes prior to the Consent Deadline will receive $1,053.22 per $1,000 in principal amount of Notes, which includes a consent payment of $7.50 per $1,000 in principal amount of the Notes (the "Consent Payment"), plus accrued and unpaid interest up to, but not including, the payment date. As a result of receiving the requisite consents, Ball entered into a supplemental indenture, dated as of May 22, 2013, to the indenture governing the Notes to effect the Proposed Amendments.

The Offer will expire at 9:00 a.m. EDT on June 7, 2013, unless the Offer is extended or earlier terminated (the "Expiration Time"). Under the terms of the Offer, holders who validly tender their Notes after the Consent Deadline, but on or before the Expiration Time, will be eligible to receive the tender offer consideration offered in the Offer, which equals $1,045.72 per $1,000 principal amount of the Notes, plus accrued and unpaid interest on the Notes up to, but not including, the final acceptance date for such Notes, which is expected to occur on the date of the Expiration Time or the first business day following the Expiration Time, but will not be eligible to receive the Consent Payment.  Other than in the limited circumstances set forth in the Offer to Purchase, tenders of Notes may not be withdrawn and consents may not be revoked following the Consent Deadline. 

Requests for documents relating to the Offer and Consent Solicitation may be directed to D.F. King & Co., Inc., the Depositary and Information Agent, at (800) 207-3158 (toll free) or (212) 269-5550 (banks and brokers).  Deutsche Bank Securities Inc. is acting as Dealer Manager and Solicitation Agent for the Offer and Consent Solicitation. Questions regarding the Offer and Consent Solicitation may be directed to Deutsche Bank Securities Inc., at (800) 503-4611 (US toll free).

This press release is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase or a solicitation of consents with respect to any Notes. No offer, solicitation, or sale will be made in any jurisdiction in which such an offer, solicitation, or sale would be unlawful. The Offer and the Consent Solicitation are being made solely by the Offer to Purchase and the related Consent and Letter of Transmittal, which sets forth the complete terms and conditions of the Offer and Consent Solicitation.

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