| | |
Per Note
|
| |
Total
|
| ||||||
Public offering price(1)
|
| | | | 100.000% | | | | | $ | 1,000,000,000 | | |
Underwriting discount(2)
|
| | | | 1.225% | | | | | $ | 12,250,000 | | |
Proceeds, before expenses
|
| | | | 98.775% | | | | | $ | 987,750,000 | | |
| Citigroup | | |
Goldman Sachs & Co. LLC
|
| | Mizuho | | |
SMBC Nikko
|
|
|
BofA Securities
|
| |
Deutsche Bank Securities
|
| ||||||
|
BNP PARIBAS
|
| |
Morgan Stanley
|
| |
Rabo Securities
|
| |
UniCredit Capital Markets
|
|
|
Credit Agricole CIB
|
| |
Santander
|
| |
Scotiabank
|
| |
PNC Capital Markets LLC
|
|
| TD Securities | | |
KeyBanc Capital Markets
|
| |
Barclays
|
| |
Capital One Securities
|
|
|
HSBC
|
| |
Huntington Capital Markets
|
| |
Siebert Williams Shank
|
|
| | | | | S-i | | | |
| | | | | S-ii | | | |
| | | | | S-iii | | | |
| | | | | S-iv | | | |
| | | | | S-vi | | | |
| | | | | S-1 | | | |
| | | | | S-13 | | | |
| | | | | S-18 | | | |
| | | | | S-19 | | | |
| | | | | S-20 | | | |
| | | | | S-31 | | | |
| | | | | S-58 | | | |
| | | | | S-65 | | | |
| | | | | S-66 | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 1 | | | |
| | | | | 3 | | | |
| | | | | 5 | | | |
| | | | | 6 | | | |
| | | | | 7 | | | |
| | | | | 8 | | | |
| | | | | 11 | | | |
| | | | | 15 | | | |
| | | | | 16 | | | |
| | | | | 16 | | |
| | |
Year Ended December 31,
|
| |
Three Months Ended March 31,
|
| ||||||||||||||||||||||||
Statement of Earnings Data:
|
| |
2022
|
| |
2021
|
| |
2020
|
| |
2023
|
| |
2022
|
| |||||||||||||||
| | |
(dollars in million, except per share data)
|
| |||||||||||||||||||||||||||
Net sales
|
| | | $ | 15,349 | | | | | $ | 13,811 | | | | | $ | 11,781 | | | | | $ | 3,489 | | | | | $ | 3,716 | | |
Cost of sales (excluding depreciation and amortization)
|
| | | | (12,766) | | | | | | (11,085) | | | | | | (9,323) | | | | | | (2,845) | | | | | | (3,016) | | |
Depreciation and amortization(1)
|
| | | | (672) | | | | | | (700) | | | | | | (668) | | | | | | (166) | | | | | | (185) | | |
Selling, general and administrative
|
| | | | (626) | | | | | | (593) | | | | | | (525) | | | | | | (131) | | | | | | (186) | | |
Business consolidation and other activities
|
| | | | (71) | | | | | | (142) | | | | | | (262) | | | | | | (20) | | | | | | 281 | | |
Earnings before interest and taxes
|
| | | $ | 1,214 | | | | | $ | 1,291 | | | | | $ | 1,003 | | | | | $ | 327 | | | | | $ | 610 | | |
Net earnings(2)
|
| | | $ | 732 | | | | | $ | 878 | | | | | $ | 582 | | | | | $ | 180 | | | | | $ | 447 | | |
Net earnings attributable to Ball Corporation(2)
|
| | | $ | 719 | | | | | $ | 878 | | | | | $ | 585 | | | | | $ | 177 | | | | | $ | 446 | | |
Other Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA(3) | | | | $ | 1,886 | | | | | $ | 1,991 | | | | | $ | 1,671 | | | | | $ | 493 | | | | | $ | 795 | | |
Comparable EBITDA(3)
|
| | | | 1,957 | | | | | | 2,133 | | | | | | 1,933 | | | | | | 513 | | | | | | 514 | | |
EBITDA margin(4)
|
| | | | 12.3% | | | | | | 14.4% | | | | | | 14.2% | | | | | | 14.1% | | | | | | 21.4% | | |
Comparable EBITDA margin(4)
|
| | | | 12.8% | | | | | | 15.4% | | | | | | 16.4% | | | | | | 14.7% | | | | | | 13.8% | | |
Total interest expense(5)
|
| | | $ | (330) | | | | | $ | (283) | | | | | $ | (316) | | | | | $ | (113) | | | | | $ | (69) | | |
Cash provided by (used in) operating
activities |
| | | | 301 | | | | | | 1,760 | | | | | | 1,432 | | | | | | (275) | | | | | | (804) | | |
Cash provided by (used in) investing
activities |
| | | | (786) | | | | | | (1,639) | | | | | | (1,181) | | | | | | (336) | | | | | | (46) | | |
Cash provided by (used in) financing
activities |
| | | | 485 | | | | | | (894) | | | | | | (602) | | | | | | 649 | | | | | | 715 | | |
Capital expenditures
|
| | | | (1,651) | | | | | | (1,726) | | | | | | (1,113) | | | | | | (343) | | | | | | (362) | | |
Cash dividends per common share
|
| | | | 0.80 | | | | | | 0.70 | | | | | | 0.60 | | | | | | 0.20 | | | | | | 0.20 | | |
| | |
As of December 31,
|
| |
As of March 31,
|
| ||||||||||||
Balance Sheet Data:
|
| |
2022
|
| |
2021
|
| |
2023
|
| |||||||||
| | |
(dollars in millions)
|
| |||||||||||||||
Cash and cash equivalents
|
| | | $ | 548 | | | | | $ | 563 | | | | | $ | 572 | | |
Working capital(6)
|
| | | | (1,519) | | | | | | (730) | | | | | | (1,713) | | |
Total assets
|
| | | | 19,909 | | | | | | 19,714 | | | | | | 20,109 | | |
Ball Corporation shareholders’ equity
|
| | | | 3,461 | | | | | | 3,627 | | | | | | 3,639 | | |
Total equity
|
| | | | 3,527 | | | | | | 3,685 | | | | | | 3,708 | | |
| | |
Year Ended December 31,
|
| |
Three Months Ended March 31,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2023
|
| |
2022
|
| |||||||||||||||
| | |
(dollars in millions)
|
| |||||||||||||||||||||||||||
Net earnings attributable to Ball Corporation(2)
|
| | | $ | 719 | | | | | $ | 878 | | | | | $ | 585 | | | | | $ | 177 | | | | | $ | 446 | | |
Net earnings (loss) attributable to noncontrolling interests(2)
|
| | | | 13 | | | | | | — | | | | | | (3) | | | | | | 3 | | | | | | 1 | | |
Net earnings(2)
|
| | | | 732 | | | | | | 878 | | | | | | 582 | | | | | | 180 | | | | | | 447 | | |
Equity in results of affiliates, net of tax
|
| | | | 7 | | | | | | 26 | | | | | | (6) | | | | | | 7 | | | | | | 6 | | |
Tax benefit (provision)
|
| | | | (159) | | | | | | (156) | | | | | | (99) | | | | | | (41) | | | | | | (100) | | |
Earnings before taxes, as reported(2)
|
| | | | 884 | | | | | | 1,008 | | | | | | 687 | | | | | | 214 | | | | | | 541 | | |
Total interest expense
|
| | | | 330 | | | | | | 283 | | | | | | 316 | | | | | | 113 | | | | | | 69 | | |
Earnings before interest and taxes (EBIT)(2)
|
| | | | 1,214 | | | | | | 1,291 | | | | | | 1,003 | | | | | | 327 | | | | | | 610 | | |
Depreciation and amortization
|
| | | | 672 | | | | | | 700 | | | | | | 668 | | | | | | 166 | | | | | | 185 | | |
EBITDA(3) | | | | | 1,886 | | | | | | 1,991 | | | | | | 1,671 | | | | | | 493 | | | | | | 795 | | |
Business consolidation and other activities
|
| | | | 71 | | | | | | 142 | | | | | | 262 | | | | | | 20 | | | | | | (281) | | |
Comparable EBITDA(3)
|
| | | $ | 1,957 | | | | | $ | 2,133 | | | | | $ | 1,933 | | | | | $ | 513 | | | | | $ | 514 | | |
| | |
Year ended December 31,
|
| |
Three Months ended March 31,
|
| ||||||||||||||||||||||||
| | |
2022
|
| |
2021
|
| |
2020
|
| |
2023
|
| |
2022
|
| |||||||||||||||
| | |
(dollars in millions)
|
| |||||||||||||||||||||||||||
EBITDA
|
| | | $ | 1,886 | | | | | $ | 1,991 | | | | | $ | 1,671 | | | | | $ | 493 | | | | | $ | 795 | | |
Comparable EBITDA
|
| | | | 1,957 | | | | | | 2,133 | | | | | | 1,933 | | | | | | 513 | | | | | | 514 | | |
Net Sales
|
| | | | 15,349 | | | | | | 13,811 | | | | | | 11,781 | | | | | | 3,489 | | | | | | 3,716 | | |
EBITDA Margin (EBITDA/Net Sales)
|
| | | | 12.3% | | | | | | 14.4% | | | | | | 14.2% | | | | | | 14.1% | | | | | | 21.4% | | |
Comparable EBITDA Margin (Comparable EBITDA/ Net Sales)
|
| | | | 12.8% | | | | | | 15.4% | | | | | | 16.4% | | | | | | 14.7% | | | | | | 13.8% | | |
| | |
As of March 31, 2023
|
| |||||||||
| | |
Actual
|
| |
As Adjusted
|
| ||||||
| | |
(dollars in millions)
|
| |||||||||
Cash and cash equivalents(1)
|
| | | $ | 572 | | | | | $ | 572 | | |
Long-term debt, including current portion: | | | | | | | | | | | | | |
Senior Secured Credit Facilities:
|
| | | | | | | | | | | | |
Term A Loan
|
| | | $ | 1,350 | | | | | $ | 1,350 | | |
U.S. dollar Revolver(2)(3)
|
| | | | 800 | | | | | | — | | |
Multi-currency Revolver(2)
|
| | | | — | | | | | | — | | |
4.00% Senior Notes due 2023(4)
|
| | | | 1,000 | | | | | | 814 | | |
0.875% euro denominated Senior Notes due 2024
|
| | | | 813 | | | | | | 813 | | |
5.25% Senior Notes due 2025
|
| | | | 1,000 | | | | | | 1,000 | | |
4.875% Senior Notes due 2026
|
| | | | 750 | | | | | | 750 | | |
1.50% euro denominated Senior Notes due 2027
|
| | | | 596 | | | | | | 596 | | |
6.875% Senior Notes due 2028
|
| | | | 750 | | | | | | 750 | | |
2.875% Senior Notes due 2030
|
| | | | 1,300 | | | | | | 1,300 | | |
3.125% Senior Notes due 2031
|
| | | | 850 | | | | | | 850 | | |
Senior Notes offered hereby
|
| | | | — | | | | | | 1,000 | | |
Finance lease obligations
|
| | | | 11 | | | | | | 11 | | |
Other debt(5)
|
| | | | (56) | | | | | | (70) | | |
Total long-term debt, including current portion
|
| | | | 9,164 | | | | | | 9,164 | | |
Total equity
|
| | | | 3,708 | | | | | | 3,708 | | |
Total capitalization
|
| | | $ | 12,872 | | | | | $ | 12,872 | | |
Period
|
| |
Redemption Price
|
| |||
2026
|
| | | | 103.000% | | |
2027
|
| | | | 101.500% | | |
2028 and thereafter
|
| | | | 100.000% | | |
Underwriter
|
| |
Principal
Amount of Notes |
| |||
Citigroup Global Markets Inc.
|
| | | $ | 167,347,000 | | |
Goldman Sachs & Co. LLC
|
| | | $ | 139,797,000 | | |
Mizuho Securities USA LLC
|
| | | $ | 112,245,000 | | |
SMBC Nikko Securities America, Inc.
|
| | | $ | 112,245,000 | | |
BofA Securities, Inc.
|
| | | $ | 71,173,000 | | |
Deutsche Bank Securities Inc.
|
| | | $ | 71,173,000 | | |
BNP Paribas Securities Corp.
|
| | | $ | 43,622,000 | | |
Morgan Stanley & Co. LLC
|
| | | $ | 43,622,000 | | |
Rabo Securities USA, Inc.
|
| | | $ | 43,622,000 | | |
UniCredit Capital Markets LLC
|
| | | $ | 43,622,000 | | |
Credit Agricole Securities (USA) Inc.
|
| | | $ | 22,959,000 | | |
Santander US Capital Markets LLC
|
| | | $ | 22,959,000 | | |
Scotia Capital (USA) Inc.
|
| | | $ | 18,367,000 | | |
PNC Capital Markets LLC
|
| | | $ | 18,367,000 | | |
TD Securities (USA) LLC
|
| | | $ | 11,480,000 | | |
KeyBanc Capital Markets Inc.
|
| | | $ | 11,480,000 | | |
Barclays Capital Inc.
|
| | | $ | 9,184,000 | | |
Capital One Securities, Inc.
|
| | | $ | 9,184,000 | | |
HSBC Securities (USA) Inc.
|
| | | $ | 9,184,000 | | |
Huntington Securities, Inc.
|
| | | $ | 9,184,000 | | |
Siebert Williams Shank & Co., LLC
|
| | | $ | 9,184,000 | | |
Total
|
| | | $ | 1,000,000,000 | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 1 | | | |
| | | | 3 | | | |
| | | | 5 | | | |
| | | | 6 | | | |
| | | | 7 | | | |
| | | | 8 | | | |
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| | | | 16 | | | |
| | | | 16 | | |
Exhibit 107
Calculation of Filing Fee Table
424(b)(5)
(Form Type)
Ball Corporation
(Exact Name of Registrant as Specified in its Charter)
Table 1: Newly Registered and Carry Forward Securities
Security Type |
Security Class Title |
Fee Calculation or Carry Forward Rule |
Amount Registered |
Proposed
Maximum Offering Price Per Unit |
Maximum
Aggregate Offering Price |
Fee
Rate |
Amount
of
Registration Fee(1) |
Carry
Forward Form Type |
Carry
Forward File Number |
Carry
Forward Initial Effective date |
Filing
Fee
Previously Paid in Connection with Unsold Securities to be Carried Forward | |
Newly Registered Securities | ||||||||||||
Fees to be Paid | Debt | 6.000% Senior Notes due 2029 | Rule 457(r) | $1,000,000,000 | 100.000% | $1,000,000,000 | 0.0001102 | $110,200 | ||||
Fees to be Paid | Debt | 6.000% Senior Notes due 2029 | Rule 457(n) | — | — | — | — | — | ||||
Fees Previously Paid | — | — | — | — | — | — | — | — | ||||
Carry Forward Securities | ||||||||||||
Carry Forward Securities | — | — | — | — | — | — | — | — | — | — | — | — |
Total Offering Amounts | $1,000,000,000 | $110,200 | ||||||||||
Total Fees Previously Paid | — | |||||||||||
Total Fee Offsets | — | |||||||||||
Net Fee Due | $110,200 |
(1) The filing fee is calculated in accordance with Rule 457(r) of the Securities Act of 1933, as amended (the “Securities Act”).
(2) Pursuant to Rule 457(n) of the Securities Act, no separate registration fee is payable with respect of the registration of the guarantees.
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