By Paul A. Harris
St. Louis, Sept. 30 - Ardagh Packaging Finance plc priced €1.09 billion and $800 million of high-yield notes in a restructured multi-currency, multi-tranche deal on Thursday, according to an informed source.
The Dublin, Ireland-based container company priced downsized €825 million and $350 million tranches of seven-year senior secured notes (Ba3) at par to yield 7 3/8%.
The yields printed on top of the price talk.
The dollar-denominated tranche was downsized by $25 million, and the euro-denominated tranche was downsized by €25 million.
Ardagh also priced a downsized €275 million tranche of 10-year senior unsecured notes (B3) at par to yield 9¼%.
The yield printed on top of price talk.
The tranche was downsized by €40 million.
In addition, Ardagh priced an upsized $450 million tranche of 10-year senior unsecured notes (B3) at par to yield 9 1/8%.
The yield on the dollar-denominated senior unsecured notes printed at the tight end of the 9¼% area price talk.
The tranche was upsized by $140 million.
The restructuring saw an overall downsizing of the senior secured notes tranches by €25 million and $25 million amounts.
The dollar-denominated portion of the senior unsecured notes was upsized by $135 million, while the euro-denominated portion was downsized by €40 million
The combined amount of euro-denominated issuance decreased by €65 million.
The combined amount of dollar-denominated issuance increased by $115 million.
Citigroup was the left bookrunner. 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.
| Issuer: | Ardagh Packaging Finance plc
|
| Amounts: | €1.09 billion (decreased from €1.165 billion) and $800 million (increased from $658 million)
|
| Left bookrunner: | Citigroup (bill and deliver)
|
| Joint bookrunners: | Credit Suisse, JPMorgan
|
| Trade date: | Sept. 30
|
| Settlement date: | Oct. 8
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
|
|
|
| Senior secured notes
|
| Amounts: | €825 million (decreased from €850 million) and $350 million (decreased from $375 million)
|
| Description: | Senior secured notes
|
| Maturity: | Oct. 15, 2017
|
| Coupon: | 7 3/8%
|
| Price: | Par
|
| Yield: | 7 3/8%
|
| Call protection: | Four years
|
| Rating: | Moody's: Ba3
|
| Price talk: | 7½% area
|
|
|
| Euro-denominated senior unsecured notes
|
| Amount: | €275 million, decreased from €315 million
|
| Description: | Senior unsecured notes
|
| Maturity: | Oct. 15, 2020
|
| Coupon: | 9¼%
|
| Price: | Par
|
| Yield: | 9¼%
|
| Call protection: | Five years
|
| Rating: | Moody's: B3
|
| Price talk: | 9¼% area
|
|
|
| Dollar-denominated senior unsecured notes
|
| Amount: | $450 million, increased from $310 million
|
| Description: | Senior unsecured notes
|
| Maturity: | Oct. 15, 2020
|
| Coupon: | 9 1/8%
|
| Price: | Par
|
| Yield: | 9 1/8%
|
| Call protection: | Five years
|
| Rating: | Moody's: B3
|
| Price talk: | 9¼% area
|
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