Ardagh Group receives consents to amend 4¾% senior notes due 2027

By Taylor Fox

New York, Nov. 4 – Ardagh Group SA obtained consents from a majority of holders of the £400 million 4¾% senior notes due 2027 (ISIN: XS1628849645, XS1628848241) issued by Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. to approve some amendments to the indenture relating to the notes, according to a news release.

A supplement to the indenture was executed Nov. 3.

As previously reported, the proposed amendments conform covenants, definitions and other terms in the indenture for the 4¾% notes due 2027 with those contained in the indentures governing the existing debt securities of Ardagh Packaging and Ardagh Holdings. This in turn results in a uniform set of covenants that enable the Ardagh group to more efficiently monitor covenant compliance.

Adoption of the proposed amendments required the consents of holders of a majority in principal amount of the notes outstanding.

Ardagh offered a 1% consideration to holders who consented to the proposed changes.

The consent payment will be made as soon as practicable and no later than three business days after the consent deadline, 11 a.m. ET Nov. 5.

Citibank NA London Branch is the trustee.

Lucid Issuer Services Ltd. (ardagh@lucid-is.com, attn.: Paul Kamminga, +44 20 7704 0880) is the information and tabulation agent.

Citigroup Global Markets Ltd. (attn.: liability management group, liabilitymanagement.europe@citi.com, +44 20 7986 8969) is the solicitation agent.

Ardagh is a Luxembourg-based global supplier of recyclable metal and glass packaging.

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