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Ardagh Packaging to redeem all 5%, 4 7/8% and 7% notes on Jan. 17
By Tali Rackner
Minneapolis, Jan. 14 - Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. gave notice of plans to redeem all of their €250 million of 5% first-priority senior secured notes due 2022, $420 million of 4 7/8% first-priority senior secured notes due 2022 and $850 million of 7% senior notes due 2020, according to a filing with the London Stock Exchange.
The buyback, which will be funded with escrowed proceeds, will occur on Jan. 17.
The redemption price for the euro secured notes is €254,652,778, the redemption price for the dollar secured notes is $427,726,250 and the redemption price for the senior notes is $715,438,889. These amounts consist of the par principal amount, applicable premium and accrued interest to the redemption date.
As previously reported, the buyback was triggered by the passage of the closing date for Ardagh's acquisition of the Verallia North America glass container manufacturing operations from Cie. de Saint-Gobain SA.
Ardagh said it arranged to replace the bond proceeds with committed replacement bridge financing, which it expects to refinance in the capital markets in due course.
Citibank, NA is the paying agent.
Ardagh is a Dublin, Ireland-based supplier of glass and metal packaging.
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