By Paul A. Harris
St. Louis, June 1 - Ardagh Glass Finance plc priced a restructured €310 million issue of 10-year senior fixed-rate notes (B3/CCC+) at par to yield 7 1/8% on Friday, according to an informed source.
The issue priced in the middle of the 7% to 7¼% price talk.
The Ireland-based glass container company abandoned a proposed tranche of 10-year senior toggle notes.
Citigroup ran the books for the Rule 144A for life and Regulation S issue.
Proceeds will be used to fund the acquisition of Rexam plc's glass division.
| Issuer: | Ardagh Glass Finance plc
|
| Amount: | €310 million
|
| Maturity: | June 15, 2017
|
| Security description: | Senior fixed-rate notes (proposed toggle note tranche abandoned)
|
| Bookrunner: | Citigroup
|
| Coupon: | 7 1/8%
|
| Price: | Par
|
| Yield: | 7 1/8%
|
| Call features: | Callable after June 15, 2012 at 103.563, 102.375, 101.188, par on and after June 15, 2015
|
| Trade date: | June 1
|
| Settlement date: | June 8
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: CCC+
|
| Distribution: | Rule 144A for life/Regulation S
|
| Price talk: | 7% to 7¼%
|
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