Ball Corporation announced that it has closed its previously announced offering of $1 billion aggregate principal amount of 4% Senior Notes due 2023. Ball intends to use the net proceeds from the offering to pay the consideration, accrued and unpaid interest and related fees and expenses in connection with its previously announced tender offer and related consent solicitation for any and all of its outstanding 7.125% Senior Notes due 2016, to repay borrowings under its revolving credit facilities and Term A loan facility, and for general corporate purposes.

Ball Corporation announced that it has commenced a cash tender offer to purchase any and all of its outstanding $375 million aggregate principal amount of 7.125% Senior Notes due 2016. The offer will expire on June 7, 2013, unless the offer is extended or earlier terminated. Under the terms of the offer, holders of the notes who validly tender and do not validly withdraw their notes prior on May 22, 2013 and whose notes are accepted for purchase, will receive $1,053.22 per $1,000 in principal amount of notes, which is equal to (i) $1,045.72 per $1,000 in principal amount of notes validly tendered plus (ii) a consent payment of $7.50 per $1,000 in principal amount of notes validly tendered. Holders of notes who validly tender their notes after the consent deadline but on or before the expiration time, and whose notes are accepted for purchase, will receive only the tender offer consideration.

Ball Corporation reported unaudited consolidated earnings results for the first quarter ended March 31, 2013. The company reported first quarter net earnings attributable to the corporation of $72.0 million or 47 cents per diluted share (including after tax charges of $15.9 million or 11 cents per diluted share for business consolidation costs, discontinued operations and other activities) on sales of $2.0 billion, compared to $88.3 million or 55 cents per diluted share, on sales of $2.0 billion in the first quarter of 2012. Earnings before interest and taxes were $143.0 million against $182.0 million of prior year period. Net earnings from continuing operations were $79.3 million or $0.47 diluted per share against $93.4 million or $0.55 diluted per share of prior year period. Total cash used in operating activities was $324.6 million against $218.3 million of prior year period. Capital expenditures were $88.7 million against $76.0 million of prior year period. The company continues to anticipate full year 2013 free cash flow to be in the range of $450 million. Interest expense is expected to remain flat with last year. The effective tax rate on comparable earnings is expected to be approximately 28%. CapEx is still expected to be in the range of $400 million.