Ardagh issues notice of conditional redemption for PIK notes due 2019

By Angela McDaniels

Tacoma, Wash., Sept. 6 – Ardagh Finance Holdings SA plans to redeem its 8 3/8% senior PIK notes due 2019 and 8 5/8% senior PIK notes due 2019 in full on Sept. 16, according to a notice to noteholders.

The redemption is subject to the condition that the issuer has received the necessary funds to redeem the notes by the redemption date.

The redemption price for the 8 3/8% notes is €313,362,519.25, which is equal to the principal amount of €294,776,801.00, a redemption premium of €12,345,252.43 and accrued interest to the redemption date of €6,240,465.82.

The redemption price for the 8 5/8% notes is $895,828,381.60, which is equal to the principal amount of $841,207,055.00, a redemption premium of $36,281,260.29 and accrued interest to the redemption date of $18,340,066.31.

Ardagh Group SA expects to price $1,565,000,000 equivalent of seven-year senior secured toggle notes in euro- and dollar-denominated tranches through subsidiary ARD Finance SA on Wednesday, according to an informed source.

Citigroup is the left bookrunner for the Rule 144A and Regulation S with registration rights offering, and Barclays is the joint bookrunner.

Ardagh Group makes glass and metal packaging products and is registered in Luxembourg.

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