Ball Corporation announced the commencement of syndication for new revolving and term loan senior secured credit facilities to refinance Ball’s existing revolver and bridge term loan facilities. The new approximately $3.9 billion senior secured credit facility will mature in 2021.

According to a related 8-K filing dated February 19, 2015, Ball entered into a $3 billion revolving credit agreement with a group of lenders led by Deutsche Bank AG (New York Branch) as administrative agent. In addition, Ball and a group of lenders entered into a bridge loan agreement with Deutsche Bank AG Cayman Islands Branch as lender and administrative agent to provide a £3.3 billion (approximately $4.8 billion) bridge term loan. According to the filing, the bridge loan agreement will be subject to customary “certain funds” provisions consistent with the United Kingdom City Code on Takeovers and Mergers.

The new term loan credit facilities will, when finalized, represent the final portion of permanent financing related to Ball’s proposed offer for Rexam and are expected to reduce the bridge loan term facility accordingly.

Ball said it expects to close on its proposed offer for Rexam in the first half of 2016.

Ball supplies packaging solutions for beverage, food and household products customers, as well as aerospace and other technologies and services primarily for the U.S. government. Ball and its subsidiaries employ 15,000 people worldwide and reported 2015 sales of $8.0 billion.