Bemis Co. Inc., which just recently opened up the potential to raise capital in a variety of ways, is doing just that.
First came a filing with the U.S. Securities and Exchange Commission Sept. 2 indicating the Neenah, Wis.-based company could consider options such as the issuance of common stock, preferred stock or debt.
And then just days later, on Sept. 8, the flexible packaging company said it had priced a public offering of $300 million of senior notes due in 2026.
“Bemis intends to use the net proceeds from the offering to repay outstanding commercial paper and for general corporate purposes. The senior notes offering is expected to close by September 15, 2016, subject to customary closing conditions,” the firm said in an SEC filing.
Along with stock and debt, a prospectus filed with the SEC indicated Bemis also could consider depositary shares, warrants, stock purchase contracts and stock purchase units.
“We may offer and sell these securities to or through underwriters, dealers or agents, or directly to investors, on a continued or a delayed basis. Each applicable prospectus supplement to this prospectus and/or other offering material will provide the specific terms of the plan of distribution,” the filing states.
A spokeswoman for Bemis was not available for comment.
Holders of Bemis stock that could be named later also might sell their own shares through the prospectus, but the company would not receive any proceeds from those possible transactions, the company said.
Bemis, in the filing, indicated it is authorized to issue up to 502 million shares of stock, including 500 million shares of common stock and 2 million shares of preferred stock. As of July 27, the company had 94.7 million shares of common stock issued and no shares of preferred stock issued.
“Each time securities are sold using this prospectus, we will provide a supplement to this prospectus and possibly other offering material containing specific information about the offering and the terms of the securities being sold, including the offering price,” Bemis indicated in its filing.
And the company did just that. The $300 million being raised is through 3.10 percent senior unsecured notes. Interest will be paid semi-annually on March 15 and Sept. 15 beginning next year.
