Business
CCL Industries Announces US$ 130 Million Private Placement Debt Financing
Stock Symbol: TSX - CCL.A and CCL.B TORONTO, Sept. 23 /CNW/ - CCL Industries Inc., a world leade...
About this update from Ccl Industries Inc. Class A
[{"type":"text","content":"\n\n\n\nStock Symbol: TSX - CCL.A and CCL.B\n\n\nTORONTO, Sept. 23 /CNW/ - CCL Industries Inc., a world leader in the\ndevelopment of labelling solutions and specialty packaging for the consumer\nproducts and healthcare industries, announced today that it has entered into a\nprivate placement financing of Senior Unsecured Notes with U.S. institutional\ninvestors. The amount of the borrowing totals US$ 130 million with US$\n52 million to be repaid in five years and US$ 78 million to be repaid in 10\nyears. Interest rates for the five-year and ten-year financing are 5.86% and\n6.62% respectively. Closing and funding are expected by Friday, September 26\nsubject to the satisfactory completion of due diligence and documentation.\n\n\nDonald Lang, Executive Chairman of CCL Industries said, "We are extremely\npleased to have entered into this financing despite the most difficult credit\nmarkets that have been seen in decades. The private placement included many\nprevious lenders and one new significant lender and indicates the market's\nconfidence in CCL and our strategy. The cash from this debt offering provides\nCCL with a strong foundation for the foreseeable future."\n\n\nProceeds from the transaction will be used to repay bank debt with the\nbalance for general corporate purposes.\n\n\nWith headquarters in Toronto, Canada, CCL Industries now employs\napproximately 5,500 people and operates 56 production facilities in North\nAmerica, Europe, Latin America and Asia Pacific. CCL Label is the world's\nlargest converter of pressure sensitive and film materials and sells to\nleading global customers in the consumer packaging, healthcare, and consumer\ndurable segments. CCL Container and CCL Tube produce aluminum cans, bottles\nand plastic tubes for the consumer products industry in North America.\n\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 materially\nfrom some statements made.\n\n\n","length":2131,"tagName":"div"}]