Ardagh Glass sets talk for €310 million two-part 10-year note offering

By Paul A. Harris

St. Louis, May 31 - Ardagh Glass Group Ltd. set price talk for its €310 million two-part offering of 10-year senior notes (existing B3/confirmed CCC+) on Thursday, according to a market source.

The Dublin, Ireland-based glass container company talked the fixed-rate tranche at 7% to 7¼% and toggle notes tranche to price three-eighths to half a percent behind the fixed-rate notes.

Both tranches will come with five years of call protection.

Tranche sizes remain to be determined.

Pricing is expected on Friday.

Citigroup is leading the Rule 144A for life and Regulation S offering.

Proceeds will be used to fund the acquisition of Rexam plc's glass division.

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