New Issue: Ardagh Glass prices €175 million 10-year notes to yield 8 7/8%

By Paul A. Harris

St. Louis, July 7 - Ardagh Glass Ltd. sold €175 million of senior notes due July 1, 2013 (B1/B+) at par Monday to yield 8 7/8%, according to an informed source.

Price talk was 8¾%-9%.

BNP Paribas and Citigroup were joint bookrunners on the Rule 144A/Regulation S offering.

Proceeds will be used to refinance debt.

The company is a Dublin, Ireland glass bottle manufacturer.

Issuer:	Ardagh Glass Ltd.
Amount:	€175 million
Maturity:	July 1, 2013
Security description:	Senior notes
Bookrunner:	BNP Paribas, Citigroup
Coupon:	8 7/8%
Price:	Par
Yield:	8 7/8%
Call features:	Callable on July 1, 2008 at 104.4375, then at 102.9583, 101.4782, declining to par on July 1, 2011 and thereafter
Equity clawback:	Until July 1, 2006 for 35% at 108.875
Settlement date:	July 11, 2003
Rating:	Moody's: B1
	Standard & Poor's B+
Price talk:	8¾%-9%

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