Business
CCL Industries Announces Completion of US$ 170 Million Private Placement Debt Financing
CCL Industries Announces Completion of US$ 170 Million Private Placement Debt Financing.
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"\n\n\n\n\nStock Symbol: TSX - CCL.A and CCL.NV.B\n\nTORONTO, March 7 /CNW/ - CCL Industries Inc., a world leader in specialty\npackaging solutions for the consumer products and healthcare industries,\nannounced today that it has completed a private placement financing of Senior\nUnsecured Notes with U.S. institutional investors. The amount of the borrowing\ntotals US$ 170 million with US$ 60 million to be repaid in five years and\nUS$ 110 million to be repaid in 10 years. Interest rates for the five-year and\nten-year financing are 5.29% and 5.57%, respectively.\nDonald Lang, Vice Chairman and CEO of CCL Industries said, \"There was\nsignificant demand for our private placement offering with a number of our\ncurrent lenders and a few new lenders. We believe that this level of interest\nis an example of the market's confidence in CCL and our strategy.\"\nMr. Lang added, \"This financing establishes a solid financial foundation\nfor CCL for the foreseeable future.\"\nProceeds from the transaction will be used to repay CCL's US$ 120 million\nSenior Unsecured Notes at 6.66%, which are due March 15, 2006, with the\nbalance to be used for general corporate purposes.\n\nCCL Industries Inc. manufactures pressure-sensitive labels, aluminum\ncontainers and plastic tubes, providing state-of-the-art specialty packaging\nsolutions to global producers of consumer brands in the home and personal\ncare, healthcare and specialty food and beverage sectors. With headquarters in\nToronto, Canada, CCL Industries employs approximately 4,600 people and\noperates 46 production facilities in North America, Europe, Latin America and\nAsia. CCL's 40% joint venture, ColepCCL, operates 5 plants in Europe and\nemploys 1,800 people.\n\nStatements contained in this Press Release, other than statements of\nhistorical facts, are forward-looking statements subject to a number of\nuncertainties that could cause actual events or results to differ\nmaterially from some statements made.\n\n\n","length":2021,"tagName":"div"}]