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Ball Corp. (NYSE: BLL) will offer $850 million in senior notes due in 2031 to retire a senior debt offering of $750 million due in March.

That debt was issued in March 2012 and paid 5%. It retired $450 million in senior notes paying 6.625%.

The $850 million is an upgrade from early Thursday, when the company said it planned to offer $750 million. Pricing hadn’t been given then, but the interest rate is now set at 3.125%.

The offering is set to close Sept. 14.

Ball makes aluminum packaging for beverage companies, personal care and household products, and aerospace uses. It has TTM revenue of $12.8 billion and a $31.4 billion market cap.

Pilgrim’s Pride (Nasdaq: PPC), a unit of global meatpacker JBS SA, issued $900 million in notes a week ago, due 2032, paying 3.5%. TTM revenue is $13.1 billion and a $6.8 billion market cap.

Deutsche Bank, BofA, Citigroup Global and Goldman Sachs are underwriting Ball’s new debt.

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