Ardagh talks $350 million five-year secured PIK notes at 8¾%-9%; pricing Thursday

By Paul A. Harris

Portland, Ore., Jan. 11 – Ardagh Group SA talked its $350 million offering of five-year senior secured PIK notes (Caa2/B-) to yield 8¾% to 9%, according to a syndicate source.

Books close at 10:30 a.m. ET on Thursday, and the Rule 144A and Regulation S for life deal is set to price thereafter.

Citigroup Global Markets Inc. is the left bookrunner. Credit Suisse Securities (USA) LLC is the joint bookrunner.

The notes become callable on Sept. 15, 2019, co-terminus with the existing ARD Finance SA toggle notes. The first call premium for the new PIK notes due 2023 will be par plus 50% of the coupon.

The issuing entity will be special purpose vehicle ARD Securities Finance Sarl.

The Luxembourg-based packaging group plans to use the proceeds to provide liquidity to the shareholders of ARD Holdings SA, the ultimate principal shareholder of Ardagh Group.

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