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Ardagh starts roadshow for $920 million equivalent two-part offering
By Paul A. Harris
Portland, Ore., July 17 - Ireland's Ardagh Group started a roadshow on Tuesday for a $920 million equivalent two-part offering of mirror notes, according to an informed source.
Issuing entities for both tranches are Ardagh Packaging Financing plc and Ardagh MP Holdings USA Inc.
The transaction will feature $700 million equivalent of notes mirroring the 7 3/8% senior secured notes due Oct. 15, 2017 (expected Ba3/BB-) in dollar and euro denominations.
The 7 3/8% mirror notes will be non-fungible with the existing notes and will become callable on Oct. 15, 2014 at 103.688.
The original $350 million issue priced at par in September 2010. A previous $160 million add-on priced at 100.476 to yield 7¼% on Jan. 19, 2012.
In addition the transaction includes a $220 million tranche of notes mirroring the 9 1/8% senior notes due Oct. 15, 2020 (expected B3/B-).
The 9 1/8% notes will be fungible with the existing notes, and will become callable on Oct. 15, 2015 at 104.563.
The original $350 million issue priced at par in September 2010. A previous $260 million tranche of mirror notes priced at 96.356 to yield 9¾% on Jan. 19, 2012.
The roadshow, which opened on the West Coast of the United States on Tuesday, moves to New York City on Wednesday and to London and Boston on Thursday.
Citigroup Global Markets Inc. is the bookrunner for the Rule 144A and Regulation S for life deal.
The Dublin, Ireland-based supplier of glass and metal packaging plans to use the proceeds to finance the acquisition of Anchor Glass Container Corp. from private investment funds managed by Wayzata Investment Partners LLC.
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