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Ardagh slides on secured refinancing plans; Allen Media jumps; market jitters mount
By Cristal Cody
Tupelo, Miss., April 15 – Ardagh Group SA’s senior paper slid on Monday after the company announced plans to refinance up to $1 billion of secured debt.
ARD Finance SA’s 6½% subordinated notes due 2027 (Caa3/CCC) were down to 23 bid on $19 million of volume, a source said.
Ardagh Packaging Finance plc’s 5¼% senior notes due 2027 (Caa1/CCC/CCC) dropped around 4¼ points to 5¾ points by late afternoon to the 53¼ bid to 51 bid area on $35 million of volume.
Ardagh Packaging Finance’s 5¼% senior secured notes due 2025 (B1/B-/B+) that it plans to redeem rallied 3 points to 99¾ bid on $11 million of bonds traded over the session.
Bonds largely were seen lower in the distressed space as surprise retail sales sent stocks down and Treasury yields soaring.
The 10-year Treasury note yield shot up 13 basis points to 4.62%, its highest level since November, a source noted.
One distressed name that saw its paper lifted on Monday was Allen Media Group LLC, a source said.
The 10½% senior notes due 2028 (Caa1/CCC) climbed 6¼ points to 47¼ bid on $15 million of secondary action by late afternoon.
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