Britain“s Rexam Plc is planning to launch its debut benchmark euro bond following an investor presentation, subject to market conditions, lead mangers for the deal said on 7 March. HSBC and Schroder …
Britain“s Rexam Plc is planning to launch its debut benchmark euro bond following an investor presentation, subject to market conditions, lead mangers for the deal said on 7 March. HSBC and Schroder Salomon Smith Barney have been mandated to lead the bond issue. The transaction will be documented under Rexam“s one billion sterling global medium-term note programme, the leads said in a statement. The banks said proceeds from the bond would be used for general corporate purposes and to “refinance part of the syndicated bank debt taken on when Rexam acquired American National Can Group Inc. in 2000”. Rexam also reported a forecast-beating rise in 2001 profit and said it was poised to benefit in 2002 from a better pricing environment in the US can market. Rexam, the world biggest maker of drinks cans is rated Baa3 with a stable outlook by Moody“s Investors Service and BBB with a stable outlook by Standard & Poor“s.