Ardagh Glass sets talk for multi-currency, multi-tranche bond issue

By Paul A. Harris

St. Louis, Sept. 29 - Ardagh Packaging Finance plc set price talk for its €1.7 billion equivalent multi-currency, multi-tranche offering of notes on Wednesday, according to an informed source.

Tranches of €850 million and $375 million of seven-year senior secured notes are talked at the 7½% area. The seven-year notes come with four years of call protection.

Meanwhile, tranches of €315 million and $310 million of 10-year senior unsecured notes are talked with a 9¼% area yield. The 10-year notes come with five years of call protection.

The deal is set to price on Thursday.

Citigroup is the left bookrunner for the Rule 144A and Regulation S for life deal. Credit Suisse and JPMorgan are the joint bookrunners.

Proceeds will be used to finance the acquisition of Impress Cooperative UA and to refinance existing debt.

The issuer is a financing unit of Ardagh Glass Group, a Dublin, Ireland-based packaging company.

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