Commentary & Deal Flow

Ball Corp (BALL) EUR850m (up from EUR750m) SEC registered sr notes due 07/01/32 (7y). NCL (3mo par call) (MWC B+50bp). Ba1/BB+ (stable/stable). Via BNP (B&D)/DB/CA/UniCredit jt active books/BofA/Citi/GS/Rabo/Santander/Mizuho/MS/SMBC Nikko jt passive books, Barc, HSBC as co-managers. Off the shelf. List Dublin. NY law. CoC at 101. IG-style covenants similar to existing sr notes. Semi-pay. Settles T+5 (05/19). IPT: 4.50%-4.75%. Final price talk: 4.375% area (+/-12.5bp) WPIR. EUR100m upsize for GCP.

Final terms: EUR850m at 4.25%.

Did investor call at 10am UKT 05/12. Books closed at 3pm UKT 05/12. Reconfirms due 3:30pm UKT 05/12. Pricing 05/12 UK afternoon (the transaction will price and allocate together as per HY standard (no final terms message). UOP: along with cash on hand, for GCP, which may include repaying debt, potential investments in strategic alliances and acquisitions, working capital, pension contributions or capex (EUR100m upsize for GCP). Prior to the application of such proceeds, to pay down its revolver. Biz: supplies innovative, sustainable aluminum packaging solutions for beverage, personal care and household products customers (it recently divested its aerospace and other technologies and services business). HQ: Westminster, CO.

Dealroadshow direct link: https://urldefense.com/v3/__https:/dealroadshow.com/e/BALL2025__;!!OOnBcYQ!JLFlp2fcGebj64d0ax8U32LjOWLUIDEf6a1H7MZJLPNrQg5Nw_I4LKv2qoWnOjUyOKAvCqDSo246vcMdZ58UOrqR76BFgmmC7HKGsg$ (Entry code: BALL2025).