Ardagh Packaging starts roadshow for $1.45 billion equivalent notes

By Paul A. Harris

Portland, Ore., Jan. 14 - Ardagh Packaging Finance and Ardagh Holdings USA began a roadshow on Monday in Europe and the United States for their $1.45 billion equivalent offerings of secured and unsecured high-yield notes, according to an informed source.

The note offers are in the market via bookrunner Citigroup.

The roadshow, which includes stops in Paris, Amsterdam, London, New York City, Boston and on the West Coast of the United States, is scheduled to wrap up on Wednesday.

The deal includes $750 million equivalent of senior secured notes due Nov. 15, 2022 (existing ratings Ba3/B+) in dollar and euro denominations. The secured notes are non-callable until Nov. 15, 2017.

The unsecured tranche is comprised of $700 million equivalent of senior notes due Nov. 15, 2020 (existing ratings B3/CCC+), also in dollar and euro denominations. The unsecured notes are non-callable before Nov. 15, 2016.

The dollar and euro tranche sizes for both the secured and unsecured portions remain to be determined.

All of the notes come with the Rule 144A and Regulation S for life format and feature three-year 35% equity clawbacks and 101% poison puts.

Proceeds will be used to finance the acquisition of the Verallia North America glass container manufacturing operations from Cie. de Saint-Gobain SA.

Ardagh is a Dublin, Ireland-based supplier of glass and metal packaging.

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