New Issue: Ardagh Packaging prices $420 million notes in two parts

By Paul A. Harris

Portland, Ore., Jan. 19 - Ireland's Ardagh Packaging priced $420 million of notes in two tranches on Thursday, according to an informed source.

The fungible senior tranche was a $160 million add-on to the Ardagh Packaging Finance plc 7 3/8% senior secured notes due Oct. 15, 2017 (Ba3/BB-/). The add-on priced at 100.476 to yield 7¼%. The reoffer price came rich to the par area price talk.

The original $350 million issue priced at par on Sept. 30, 2010.

The non-fungible junior tranche was a $260 million issue of notes mirroring the Ardagh Packaging Finance plc and Ardagh MP Holdings USA Inc. 9 1/8% senior notes due Oct. 15, 2020 (B3/B-/). The mirror notes priced at 96.356 to yield 9¾%. The reoffer price came rich to the 96 area price talk.

The original $450 million issue priced at par, also on Sept. 30, 2010.

Citigroup Global Markets Inc. ran the books for Thursday's transaction.

Barclays Capital Inc. and HSBC Securities were the joint lead managers.

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

Company:	Ardagh Packaging
Amount:	$420 million
Proceeds:	$411,288,000
Bookrunner:	Citigroup Global Markets Inc.
Joint lead managers:	Barclays Capital Inc., HSBC Securities
Trade date:	Jan. 19
Settlement date:	Jan. 26 with accrued interest
Distribution:	Rule 144A and Regulation S for life
Marketing:	Roadshow
Fungible notes
Issuer:	Ardagh Packaging Finance plc
Face amount:	$160 million
Proceeds:	$160,762,000
Maturity:	Oct. 15, 2017
Security description:	Fungible add-on to 7 3/8% senior secured notes due Oct. 15, 2017
Coupon:	7 3/8%
Price:	100.476
Yield:	7¼%
Call protection:	Callable on Oct. 15, 2014 at 103.688, 101.844, par on and after Oct. 15, 2016
Ratings:	Moody's: Ba3
	Standard & Poor's: BB-
Price talk:	Par area
Original issue:	$350 million priced at par on Sept. 30, 2010
Total issue size:	$510 million
Non-fungible notes
Issuer:	Ardagh Packaging Finance plc and Ardagh MP Holdings USA Inc.
Face amount:	$260 million
Proceeds:	$250,526,000
Maturity:	Oct. 15, 2020
Security description:	Non-fungible notes mirroring the 9 1/8% senior notes due Oct. 15, 2020
Coupon:	9 1/8%
Price:	96.356
Yield:	9¾%
Call features:	Callable on Oct. 15, 2015 at 104.563, 103.042, 101.521, par on and after Oct. 15, 2018
Ratings:	Moody's: B3
	Standard & Poor's: B-
Price talk:	96 area
Original issue:	$450 million priced at par, also on Sept. 30, 2010

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.