By Paul A. Harris
Portland, Ore., June 5 – Ardagh Finance Holdings SA priced an upsized $1.05 billion equivalent dual-currency five-year senior PIK notes transaction (Caa2/CCC+), according to an informed source.
The deal included $710 million 8 5/8% notes that priced at 99. The coupon came at the tight end of coupon talk in the 8¾% area. The reoffer price came on top of price talk.
Ardagh also priced a €250 million tranche of 8 3/8% notes at 99. The coupon came at the tight end of coupon talk in the 8½% area. The reoffer price came on top of price talk.
The overall deal size was increased from $1 billion equivalent.
Citigroup Global Markets was the bookrunner.
The issuer is a financing subsidiary of Dublin, Ireland-based glass and metal container manufacturer Ardagh Group, which plans to use the proceeds to refinance its 11 1/8% senior secured PIK notes due 2018 and fund a €73 million shareholder dividend.
| Issuer: | Ardagh Finance Holdings SA
|
| Amount: | $1.05 billion equivalent, increased from $1 billion equivalent
|
| Maturity: | June 15, 2019
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| Securities: | Senior PIK notes
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| Bookrunner: | Citigroup Global Markets
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| Trade date: | June 5
|
| Settlement date: | June 12
|
| Ratings: | Moody’s: Caa2
|
| Standard & Poor’s: CCC+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Marketing: | Roadshow
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|
|
| Dollar-denominated notes
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| Amount: | $710 million
|
| Coupon: | 8 5/8%
|
| Price: | 99
|
| First call: | June 15, 2016 104.313
|
| Price talk: | 8¾% area at 99
|
|
|
| Euro-denominated notes
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| Amount: | €250 million
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| Coupon: | 8 3/8%
|
| Price: | 99
|
| First call: | June 15, 2016 at 104.188
|
| Price talk: | 8½% area at 99
|
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