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BALL CORPORATION REDEEMS $50.3 MILLION OF PREFERRED STOCK ISSUED IN 1990

 BALL CORPORATION REDEEMS $50.3 MILLION OF
 PREFERRED STOCK ISSUED IN 1990
 MUNCIE, Ind., Jan. 8 /PRNewswire/ -- Ball Corporation (NYSE: BLL) today redeemed all of its outstanding Series C adjustable rate preferred stock for $50.3 million.
 The stock was issued Nov. 30, 1990, together with $15 million in cash, to acquire the remaining 50 percent interest in Ball-InCon Glass Packaging Corp., a joint venture company formed in 1987.
 Ball said the annual dividend rate on the Series C preferred stock was approximately 10 percent in 1991, resulting in a dividend of $5.1 million, equivalent to 22 cents per common share. The current preferred dividend rate of 11 percent would equal $5.5 million, or 21 cents per common share in 1992. Financing the redemption with debt at prevailing rates would have a favorable impact of approximately $3 million, or 11 cents per share, on 1992 results.
 Ball Corporation is a manufacturing company with principal interests in packaging products sold to customers in the food and beverage industries. The company also provides aerospace systems products, professional services and industrial products to government and commercial customers.
 -0- 1/8/92
 /CONTACT: Larry Miller, 317-747-6170, or 317-286-5856, after hours; Brad Wilks 317-747-6165, or 317-282-6198, after hours, both of Ball Corporation/
 (BLL) CO: Ball Corporation ST: Indiana IN: PAP ARO SU:


SM -- CL002 -- 7584 01/08/92 08:06 EST
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Publication:PR Newswire
Date:Jan 8, 1992
Words:228
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