Ardagh Packaging launches $410 million two-part bond add-on

By Paul A. Harris

Portland, Ore., Jan. 17 - Ardagh Packaging kicked of a $410 million two-part high-yield bond offering on Tuesday, according to an informed source.

Presentations are planned for accounts on the West Coast, as well as in New York City, New Jersey and Boston.

An investor call is set for 12:30 a.m. ET on Wednesday.

The deal comes in the form of two add-ons to existing issues.

The first is a fungible $160 million add-on to Ardagh Packaging Finance plc's 7 3/8% senior secured notes due Oct. 15, 2017 (existing ratings Ba3/BB-). Those notes become callable on Oct. 15, 2014. The original $350 million issue priced at par on Sept. 30, 2010.

The second tranche is a non-fungible $250 million add-on to the Ardagh Packing Finance plc and Ardagh MP Holdings USA Inc.'s 9 1/8% senior notes due 2020 (existing ratings B3/B-). The 9 1/8% notes become callable on Oct. 15, 2015. The original $450 million issue priced at par on Sept. 30, 2010.

The roadshow wraps up on Thursday.

Citigroup Global Markets Inc. has the books.

Barclays Capital Inc. and HSBC Securities are the co-managers.

Both tranches are being placed via Rule 144A and Regulation S for life.

The Dublin, Ireland-based supplier of glass and metal packaging plans to use the proceeds for general corporate purposes, including acquisitions and debt repayment.

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