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ARD Finance gives results of escrow offer to purchase toggle notes
Chicago, Jan. 18 – ARD Finance SA announced the results of its escrow offer to purchase its senior secured toggle notes in a press release on Tuesday morning.
The company was offering to use $485,242,536.11 equivalent to repurchase notes from its $1.13 billion outstanding principal amount of 6½%/7¼% senior secured toggle notes due 2027 and its €1 billion outstanding 5%/5¾% senior secured toggle notes due 2027.
The offer was to buy the notes at 104 plus interest to the payment date.
Based on the prevailing exchange rate on Jan. 14, the total amount available in escrow to fund the repurchases was $486,088,518.50 equivalent.
The company ended up applying a scaling factor of 28.902% for the dollar toggle notes and 26.58% for the euro toggle notes.
Additionally, ARD is applying amounts in excess to the maximum escrow offer acceptance amount on a discretionary basis to reach the minimum acceptance threshold of $200,000 for the dollar notes and €100,000 for the euro toggle notes.
Accordingly, the total repurchase amount is $244,857,787.42 for the dollar amounts, an amount that represents $234,666,108 principal amount of the notes. The principal amount accepted was $232,741,722 plus another $1,924,386. The repurchase amount for the offer was $242,849,823.84 plus $2,007,963.58 for the amount paid for the additional notes.
For the euro notes, the company paid a total of €212,819,251.48 for a principal amount of €204,115,973. Of that principal amount, €203,659,021 was accepted from the offer and an additional €456,952 was the discretionary principal amount. The company paid €212,342,815.07 for the notes from the tender offer and €476,436.41 for the discretionary amount.
Payment will be made on Jan. 19.
ARD Finance is an indirect parent company of Ardagh Group SA, a Luxembourg-based supplier of recyclable metal and glass packaging.
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