Silgan Corp. and its holding company will use proceeds from two high-yield offerings yesterday to refinance higher-cost debt, some of which shoulders a 17-1/2% coupon, according to a high-yield analyst.

"Seventeen-and-a-half percent is rather onerous," the analyst said yesterday. Silgan yesterday issued $135 million of 11.75% senior subordinated notes, while Silgan Holdings Inc. issued $275 million principal amount of 13.25% senior discount debentures.

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