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Ardagh to repay three note series, pay down term loan via new issue
By Susanna Moon
Chicago, Feb. 24 – Ireland’s Ardagh Group plans to repay its $663 million term loan B facility and to redeem three series of notes using proceeds of a new issue.
Specifically, Ardagh plans to redeem its $415 million 6¾% senior notes due 2021, $265 million first-priority senior secured floating-rate notes due 2019 and its €500 million of the 4¼% first-priority senior secured notes due 2022.
The 6¾% notes and floaters will be redeemed according to the call schedule and the 4¼% notes will be purchased via a make-whole call, according to a company notice.
The issuer also will pay accrued interest.
As reported, Ardagh was expected to price $1.4 billion and €500 million of high-yield notes beginning on Feb. 24.
The three-part deal consists of $700 million five-year senior secured notes, €500 million of seven-year notes and $700 million of fungible add-on to Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.’s 6% senior notes due Feb. 15, 2025. The original $1 billion issue priced at par on Jan. 19.
The issuer is a Dublin-based supplier of glass and metal packaging.
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