Back to top

Analyst Blog

This page is temporarily not available.  Please check later as it should be available shortly. If you have any questions, please email customer support at support@zacks.com or call 800-767-3771 ext.  9339.

Ball Corporation (BLL - Analyst Report) has announced the completion of the previously announced underwritten public offering of 4% senior notes worth $1 billion, due 2023. Ball will use the proceeds from the offering to pay accrued and unpaid interest.

Ball Corp., which belongs to the containers and packaging industry, also intends to use the proceeds to pay fees and expenses in connection with the previously announced tender offer and all of its outstanding 7.125% Senior Notes due 2016.  A part of the proceeds will also be used  to repay the borrowings under Ball Corp.’s revolving credit facilities and Term A loan facility and for general corporate purposes.

Deutsche Bank Securities, Merrill Lynch – a subsidiary of Bank of America Corporation (BAC - Analyst Report), Wells Fargo Securities, LLC – a unit of Wells Fargo & Company (WFC - Analyst Report) and J.P. Morgan Securities LLC – a wing of JPMorgan Chase & Co. (JPM - Analyst Report), were among the joint book-running managers of the offering.

Ball Corp. recorded long-term debt of $3.4 billion as of Mar 31, 2013, compared with $3.1 billion as of Apr 1, 2012. Cash flow from operating activities was $325 million as of Mar 31, 2013, versus $218 million as of Apr 1, 2012. Based on its strong liquidity position, Ball is expected to meet the ongoing cash and debt service requirements.

Ball Corp. retained its free cash flow guidance of about $450 million for full-year 2013 and maintained its long-term earnings per share growth target of 10% to 15%. It will continue to benefit from growth in its specialty beverage container business, introduction of new products, expansion in emerging markets and strong backlog in its aerospace and technologies segment.

Broomfield, Colo.-based Ball Corp. is the largest manufacturer of beverage cans in North America. It also supplies aerospace and other technologies and offers services to government and commercial customers.

Ball Corp. currently retains a short-term Zacks Rank #5 (Strong Sell).

 

Please login to Zacks.com or register to post a comment.

New to Zacks?

Start Here

Zacks Investment Research

Close

Are you a new Zacks Member or a visitor to Zacks.com?

Top Zacks Features

Learn more

Start for as little as $4.50 per trade.

My Portfolio Tracker

Is it Time to Sell?

One of the most important steps you can take today is to set up your portfolio tracker on Zacks.com. Once you do, you'll be notified of major events affecting your stocks and/or funds with daily email alerts.

More Zacks Resources

Zacks Rank Home - Evaluate your stocks and use the Zacks Rank to eliminate the losers and keep the winners.

Mutual Fund Rank Home - Evaluate your funds with the Mutual Fund Rank for both your personal and retirement funds.

Stock/Mutual Fund Screening - Find better stocks and mutual funds. The ones most likely to beat the market and provide a positive return.

My Portfolio - Track your Portfolio and find out where your stocks/mutual funds stack up with the Zacks Rank.

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers

Company Symbol Price %Chg
BITAUTO HOLD BITA 35.33 +14.82%
ANI PHARMACE ANIP 24.79 +14.66%
E HOUSECHINA EJ 10.99 +9.24%
CANADIAN SOL CSIQ 26.97 +7.15%
INTERNATIONA ICAGY 33.30 +5.38%