On November 25, 2025, Ball Corporation entered into a Sixth Amendment to Credit Agreement, among Ball, as a borrower and guarantor, certain subsidiaries of Ball party thereto as borrowers and as guarantors, Bank of America, N.A., as administrative agent and as collateral agent, the lenders party thereto, and the initial issuing banks party thereto, which amends Ball?s existing stock secured Credit Agreement, dated as of March 18, 2016 (as amended prior to the Sixth Amendment, the ? Credit Agreement? and, as amended by the Sixth Amendment, the ?
Amended Credit Agreement?) by, among other things, (i) extending the maturity of each facility from June 28, 2027 to November 25, 2030 and (ii) refinancing the existing term loan A and revolving facilities thereunder with (x) a term loan A facility available to Ball in an aggregate principal amount of $1,500,000,000, (y) a U.S. dollar revolving credit facility available to Ball and certain of its domestic subsidiaries in an aggregate principal amount of $1,250,000,000, and (z) a multi-currency revolving credit facility available to Ball and certain of its subsidiaries in an aggregate principal amount of $750,000,000. Borrowings in (i) U.S. dollars shall bear interest based on a (x) term secured overnight financing rate (? SOFR?) or (y) base rate, (ii) Pounds sterling shall bear interest based on a daily sterling overnight index average rate (?SONIA?), (iii) Euros shall bear interest based on the EURIBOR rate, (iv) Canadian dollars shall be interest based on the term CORRA Rate, (v) Swiss Francs shall be interest based on the SARON rate, and (vi) Australian dollars shall be interest based on the BBSY rate, in each case of clauses (i) through (vi) above, plus a margin.
The margin for each of the foregoing rates other than the base rate shall range from, to the extent applicable to such benchmark rate, 1.00% to 1.50% based on the net leverage ratio (as defined in the Amended Credit Agreement) of Ball, with interest periods at Ball?s option of 1, 3 or 6 months or, subject to certain conditions, 12 months. The margin for base rate borrowings shall range from 0.00% to 0.50% based on the net leverage ratio of Ball. However, prior to the delivery of Ball?s quarterly financial statements for the fiscal year ending December 31, 2025, such margin shall be 1.25% for all borrowings except for base rate borrowings.
Outstanding term loans under the term loan A facility are payable in equal installments of $0 on the last business day of each fiscal quarter occurring after November 25, 2025 and ending prior to the fiscal quarter ending March 31, 2027; and subsequently in equal installments of $9,375,000 on the last business day of each of the following full fiscal quarters commencing with the fiscal quarter ending March 31, 2027, ending with (and including) the fiscal quarter ending December 31, 2028; and subsequently in equal installments of $18,750,000 on the last business day of each of the following full fiscal quarters commencing with the fiscal quarter ending March 31, 2029, ending with (and including) the fiscal quarter ending immediately prior to the maturity date, with the balance due on the maturity date. The Amended Credit Agreement contains customary representations and warranties, events of default and covenants for a transaction of this type. The Amended Credit Agreement also requires Ball to maintain a net leverage ratio of no greater than 4.50 to 1.00 for any period of four consecutive fiscal quarters of Ball for which financial statements have been delivered ending on or after December 31, 2025.
The maximum permitted net leverage ratio increases by 0.50 upon the consummation of certain permitted acquisitions for the four fiscal quarter period commencing with the fiscal quarter in which such acquisition occurs.
