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Ardagh launches £400 million restructured 10-year notes at 4¾%; pricing shortly
By Paul A. Harris
Portland, Ore., June 2 – Ardagh Group launched a restructured £400 million offering of 10-year senior notes at 4¾%, according to a market source.
Pricing is expected shortly.
The tenor of the notes was extended to 10 years from eight years. Call protection was extended to five years from three years.
The eight-year notes had been in the market with initial guidance of 4¾%.
Citigroup is leading the Rule 144A and Regulation S deal in a syndicate of banks that also includes Barclays and Credit Suisse.
The Luxembourg-based glass and metal packaging company plans to use the proceeds to pay off its $500 million of senior secured floating-rate notes due 2021.
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