By Paul A. Harris
Portland, Ore., Jan. 11 – Ardagh Group SA priced a $350 million issue of five-year senior secured PIK notes (Caa2/B-) at par to yield 8¾% on Thursday, according to a syndicate source.
The yield printed at the tight end of the 8¾% to 9% yield talk.
Citigroup Global Markets Inc. was the left bookrunner. Credit Suisse Securities (USA) LLC was the joint bookrunner.
The notes were priced via 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.
| Issuer: | ARD Securities Finance Sarl
|
| Amount: | $350 million
|
| Maturity: | Jan. 31, 2023
|
| Securities: | Senior secured PIK notes
|
| Left bookrunner: | Citigroup Global Markets Inc.
|
| Joint bookrunner: | Credit Suisse Securities (USA) LLC
|
| Coupon: | 8¾%
|
| Price: | Par
|
| Yield: | 8¾%
|
| Spread: | 641 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until Jan. 31, 2019, then callable at 104.375
|
| Trade date: | Jan. 11
|
| Settlement date: | Jan. 23
|
| Ratings: | Moody's: Caa2
|
| S&P: B-
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 8¾% to 9%
|
| Marketing: | Investor call
|
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