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Ardagh plans tender, consent for 6% senior notes due 2025
Chicago, May 26 – Ardagh Group SA announced that it plans to use proceeds from an offering of new 5¼% senior notes due 2027 for a tender offer which will be concurrent with a consent request for the company’s 6% senior notes due 2025, according to a notice.
The company plans to tender a portion of its $1.7 billion outstanding 6% senior notes due 2025.
A consent request will run concurrently, which will include an exit consent on tendered notes, that covenants in the remaining 6% notes are conformed to the new 5¼% notes due 2027.
The total consideration payable under the tender offer, including payment for the exit consent and an early bird fee, is expected to be 104.5.
Should the consent offer not be successful, the tender offer will not be completed. Instead, proceeds will be used to redeem a portion of the $695,345,000 4¼% senior secured notes due 2022, for open market purchases of the 6% senior notes due 2025 and for general corporate purposes.
Ardagh Group makes metal and glass packaging and is based in Luxembourg.
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