Ardagh Group to redeem $440 million 6% notes due 2021 at month-end

By Susanna Moon

Chicago, July 9 – Ardagh Group SA said it called its $440 million of 6% senior notes due 2021 for redemption on July 31.

After the redemption, Ardagh will have no debt maturing before September 2022 and the group's average debt maturity will be six years, with an average coupon of less than 5% and more than 90% of gross debt at fixed rates, according to an announcement.

Over the past 18 months, the company said it repaid fixed-term debt using $1.2 billion of cash generated from operations, IPO proceeds and available liquidity.

The group said it “remains focused on deleveraging over the seasonally more cash generative second half of 2018.”

Ardagh is a metal and glass packaging company based in Luxembourg.

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