Orora to raise $US250M in US debt

Company News

Orora Limited (ASX:ORA) will raise $US250 million in the US Private Placement market.

The packaging company has accepted bids for $US100 million worth of notes with an eight year maturity, and $US150 million maturing in ten years.
 
Funding is targeted for July this year dependent on due diligence by investors. 
 
The company says it will use the funds to replace borrowings under existing debt facilities maturing in 2016 and 2018 as well as for general corporate expenses.
 
CEO Nigel Garrard says this outcome demonstrates confidence in the company’s customer led growth strategy and adds diversity of funding sources while extending the average debt maturity profile.
 
Orora reported a net profit of $69.1 million in the first half of the 2015 financial year.