ARD Finance will redeem PIK, toggle notes due 2023 on Nov. 21

By Sarah Lizee

Olympia, Wash., Nov. 8 – ARD Finance SA said it will redeem its three series of notes due 2023 on Nov. 21 using proceeds from an offering of senior secured toggle notes due 2027.

The redemption price for the 8¾% PIK senior secured notes due 2023 issued by ARD Securities Finance Sarl will be $426,918,974, which comprises the principal amount of $398,717,983, a redemption premium of $17,443,912, and $10,757,079 of accrued interest.

Of the €845 million 6 5/8%/7 3/8% senior secured toggle notes due 2023 issued by ARD Finance, €15.3 million will have a redemption price of €15,992,720, which comprises the principal amount, a redemption premium of €506,889 and €185,831 of accrued interest. The other €829.7 million of the notes will have a redemption price of €867,265,359, which comprises the principal amount, a redemption premium of €27,487,961 and €10,077,398 of accrued interest. The call price of the notes is 103.313.

The redemption price for the 7 1/8%/7 7/8% senior secured toggle notes due 2023 issued by ARD Finance will be $807,493,225, which comprises the principal amount of $770 million, a redemption premium of $27,435,100 and $10,058,125 of accrued interest. The call price is 103.563.

ARD Finance owns about 92% of Ardagh Group SA, a Luxembourg-based supplier of recyclable metal and glass packaging.

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