Ardagh offers $1 billion equivalent PIK notes in euros and dollars via Citigroup

By Paul A. Harris

Portland, Ore., June 4 - Ardagh Finance Holdings SA plans to discuss a $1 billion equivalent offering of five-year senior PIK notes (existing ratings Caa2/CCC+) in a global investor conference call on Thursday, according to an informed source.

The deal, which will be divided between dollar- and euro-denominated notes, is expected to price late Thursday or early Friday.

Citigroup Global Markets is the bookrunner for the Rule 144A and Regulation S for life offer.

The notes become callable after two years at par plus 50% of the coupon, and feature a 50% equity clawback at 102 until Dec. 31, 2015, and a 101% poison put;

The issuer is a financing subsidiary of Dublin, Ireland-based glass and metal container manufacturer Ardagh Group, which plans to use the proceeds to refinance its 11 1/8% senior secured PIK notes due 2018 and fund a €73 million shareholder dividend.

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