STAMFORD, Conn.--(BUSINESS WIRE)--Mar. 3, 2017--
Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid packaging
for consumer goods products, announced today that it has given an
irrevocable notice for the redemption of $220 million aggregate
principal amount of its outstanding 5% Senior Notes due 2020. Prior to
this redemption, the Company had outstanding $500 million of its 5%
Senior Notes, and accordingly following this redemption the Company will
continue to have outstanding $280 million of its 5% Senior Notes. The
redemption date for this partial redemption is April 3, 2017. Pursuant
to the terms of the indenture governing the 5% Senior Notes, the Company
will redeem $220 million aggregate principal amount of the 5% Senior
Notes at a redemption price of 101.25% of their principal amount, or
$222.75 million, plus accrued and unpaid interest up to the redemption
date. The Company will fund this partial redemption from a portion of
the net proceeds it received from its recent issuance of €650 million of
its 3 ¼% Senior Notes due 2025. As a result of this redemption, the
Company will incur a loss on early extinguishment of debt of
approximately $0.05 per diluted share.
Silgan is a leading supplier of rigid packaging for consumer goods
products with annual net sales of approximately $3.6 billion in 2016.
Silgan operates 87 manufacturing facilities in North and South America,
Europe and Asia. Silgan is a leading supplier of metal containers in
North America and Europe, and a leading worldwide supplier of metal,
composite and plastic vacuum closures for food and beverage products. In
addition, Silgan is a leading supplier of plastic containers for
shelf-stable food and personal care products in North America.
Statements included in this press release which are not historical facts
are forward looking statements made pursuant to the safe harbor
provisions of the Private Securities Litigation Reform Act of 1995 and
the Securities Exchange Act of 1934, as amended. Such forward looking
statements are made based upon management’s expectations and beliefs
concerning future events impacting the Company and therefore involve a
number of uncertainties and risks, including, but not limited to, those
described in the Company’s Annual Report on Form 10-K for 2016 and other
filings with the Securities and Exchange Commission. Therefore, the
actual results of operations or financial condition of the Company could
differ materially from those expressed or implied in such forward
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Source: Silgan Holdings Inc.
Silgan Holdings Inc.
Robert B. Lewis, 203-406-3160