The offering was upsized by $100m from a previously announced offering size of $300m
Image: Silgan is a supplier of rigid packaging for consumer goods products. Photo: courtesy of bluebudgie from Pixabay.
Silgan Holdings, a supplier of rigid packaging for consumer goods products, announced today that it priced its previously announced private offering of senior unsecured notes. Silgan announced that it entered into an agreement to sell $400 million aggregate principal amount of 4.125% Senior Notes due 2028. The offering was upsized by $100 million, from a previously announced offering size of $300 million. The new notes will mature on February 1, 2028, and interest on the new notes will accrue and be payable semi-annually on April 1st and October 1st of each year, commencing April 1, 2020. The Company intends to use the net proceeds from this notes offering to repay outstanding revolving loans under its senior secured credit facility that were used to redeem in August 2019 its 5½% Senior Notes due 2022 and for other general corporate purposes, including acquisitions, stock repurchases and repayments of other indebtedness.
The notes being sold by Silgan will not initially be registered under the Securities Act of 1933, as amended, or the Securities Act, or under any state securities law and may not be offered or sold in the United States absent registration or an applicable exemption from registration under the Securities Act and applicable state securities laws. The notes are being offered only to qualified institutional buyers under Rule 144A and outside the United States in compliance with Regulation S under the Securities Act. This press release does not constitute an offer to sell any security and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offering would be unlawful.