Published on 7/19/2012 in the Prospect News High Yield Daily.
New Issue: Ireland's Ardagh completes $560 million and €260 million three-part note sale
By Paul A. Harris
Portland, Ore., July 19 - Ireland's Ardagh Group completed a three-part, multi-currency mirror notes transaction on Thursday, according to an informed source.
Issuing entities for all three tranches were Ardagh Packaging Financing plc and Ardagh MP Holdings USA Inc.
The deal included two tranches of non-fungible notes mirroring the company's 7 3/8% senior secured notes due Oct. 15, 2017 (Ba3/BB-/).
A $350 million tranche priced at 105.052 to yield 6%, at the tight end of the 6% to 6¼% yield talk.
A €260 million tranche priced at 104.107 to yield 6¼%, at the tight end of the 6¼% to 6½% yield talk.
In addition the transaction included a $210 million tranche of fungible notes mirroring the 9 1/8% senior notes due Oct. 15, 2020 (B3/B-/), which priced at 104.171 to yield 8¼%, also at the tight end of the 8¼% to 8½% yield talk.
Citigroup Global Markets Inc. was the bookrunner.
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.
| Issuers: | Ardagh Packaging Finance plc, Ardagh MP Holdings USA Inc.
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Co-manager: | J&E Davy
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| Trade date: | July 19
|
| Settlement date: | July 26
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Brief roadshow
|
|
|
| Secured tranches
|
| Security description: | Non-fungible notes mirroring 7 3/8% senior secured notes due Oct. 15, 2017
|
| Maturity: | Oct. 15, 2017
|
| Call protection: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2014, then callable at 103.688, 101.844, par on and after Oct. 15, 2016
|
| Equity clawback: | 35% at 107.375 until Oct. 15, 2013
|
| Change-of-control put: | 101%
|
| Ratings: | Moody's: Ba3
|
| Standard & Poor's: BB-
|
| Original issue: | $350 million priced at par on Sept. 30, 2010
|
| Previous add-on: | $160 million priced at 100.476 to yield 7¼% on Jan. 19, 2012
|
| Total issue size: | $860 million and €260 million
|
|
|
| Dollar-denominated tranche
|
| Face amount: | $350 million
|
| Proceeds: | $367.7 million
|
| Coupon: | 7 3/8%
|
| Price: | 105.052
|
| Yield to worst: | 6%
|
| Spread: | 550 bps
|
| Price talk: | 6% to 6¼%
|
|
|
| Euro-denominated tranche
|
| Face amount: | €260 million
|
| Proceeds: | €270.7 million
|
| Coupon: | 7 3/8%
|
| Price: | 104.107
|
| Yield to worst: | 6¼%
|
| Spread: | 606 bps
|
| Price talk: | 6¼% to 6½%
|
|
|
| Unsecured tranche
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| Security description: | Fungible notes mirroring 9 1/8% senior notes due Oct. 15, 2020
|
| Face amount: | $210 million
|
| Proceeds: | $218.8 million
|
| Coupon: | 9 1/8%
|
| Price: | 104.171
|
| Yield to worst: | 8¼%
|
| Spread: | 740 bps
|
| Call features: | Make-whole call at Treasuries plus 50 bps until Oct. 15, 2015, then callable at 104.563, 103.042, 101.521, par on and after Oct. 15, 2018
|
| Equity clawback: | 35% at 109.125 until Oct. 15, 2013
|
| Change-of-control put: | 101%
|
| Ratings: | Moody's: B3
|
| Standard & Poor's: B-
|
| Price talk: | 8¼% to 8½%
|
| Original issue: | $450 million priced at par on Sept. 30, 2010
|
| Previous add-on: | $260 million priced at 96.356 to yield 9¾% on Jan. 19, 2012
|
| Total issue size: | $920 million
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