STAMFORD, Conn.--(BUSINESS WIRE)--May 30, 2018--
Silgan Holdings Inc. (Nasdaq:SLGN), a leading supplier of rigid
packaging for consumer goods products, announced today that it completed
an amendment to its existing senior secured credit facility which
extends the maturity dates by approximately fourteen months for its
senior secured credit facility, lowers the margin on borrowings under
its senior secured credit facility and provides the Company with
additional flexibility with regard to its strategic initiatives.
“We are pleased to announce an amendment to our senior secured credit
facility, capitalizing on favorable credit markets,” said Bob Lewis,
Executive Vice President and Chief Financial Officer. “The amendment
provides us with more favorable pricing, extends maturities and provides
additional flexibility, leaving us well positioned to continue to pursue
our strategic initiatives,” concluded Mr. Lewis.
The amendment extends the maturity date for term loans under the senior
secured credit facility until May 30, 2024 and the maturity date for the
revolving loan facility under the senior secured credit facility until
May 30, 2023. The amendment also lowers the margin on borrowings under
the senior secured credit facility generally by 25 to 50 basis points
depending upon the Company’s leverage ratio as provided in the
amendment. Initially, for term loans and revolving loans maintained as
Eurodollar Rate or CDOR Rate loans the margin will be 1.50% and for term
loans and revolving loans maintained as base rate or prime rate loans
the margin will be 0.50%. The margins for term loans and revolving loans
are subject to adjustment quarterly based upon the Company’s leverage
ratio beginning no sooner than July 1, 2018.
The impact of the amendment to the senior secured credit facility on the
Company’s full year 2018 earnings estimate is not expected to be
significant.
Silgan is a leading supplier of rigid packaging for consumer goods
products with annual net sales of approximately $4.1 billion in 2017.
Silgan operates 100 manufacturing facilities in North and South America,
Europe and Asia. The Company is a leading supplier of metal containers
in North America and Europe for food and general line products. The
Company is also a leading worldwide supplier of metal and plastic
closures and dispensing systems for food, beverage, health care, garden,
personal care, home and beauty products. In addition, the Company 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 2017 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
looking statements.
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Source: Silgan Holdings Inc.
Silgan Holdings Inc.
Robert B. Lewis, 203-406-3160