By Paul A. Harris
Portland, Ore., May 28 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced an upsized $715 million add-on to their 4 1/8% senior secured notes due Aug. 15, 2026 (B1/BB/BB+) at 100.5 on Thursday, according to a market source.
Citigroup Global Markets Inc. was the lead bookrunner. Joint bookrunners were BofA Securities Inc. and Goldman Sachs & Co. LLC.
The notes come with a 3.995% yield to worst and a 4.03% yield to maturity.
The issue size increased from $400 million.
The issue priced at the rich end of the 100 to 100.5 price talk. Initial talk was 99.5 to 100.
The add-on came just two days after the same issuer priced $1 billion of notes mirroring the Ardagh Packaging Finance and Ardagh Holdings USA 5¼% senior notes due Aug. 15, 2027 (Caa1/B/B).
The Dublin, Ireland-based glass and metal packaging manufacturer plans to use the proceeds from Thursday’s add-on, including the incremental proceeds resulting from the $315 million upsize, to redeem its 4¼% senior secured notes due 2022.
Issuers: | Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
|
Amount: | $715 million, increased from $400 million
|
Maturity: | Aug. 15, 2026
|
Security description: | Add-on to 4 1/8% senior secured notes due Aug. 15, 2026
|
Lead bookrunner: | Citigroup Global Markets Inc.
|
Joint bookrunners: | BofA Securities Inc. and Goldman Sachs & Co. LLC
|
Coupon: | 4 1/8%
|
Price: | 100.5
|
Yield to worst: | 3.995%
|
Yield to maturity: | 4.03%
|
First call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2022, then callable at 102.063
|
Special call: | 10% of notes annually at 103 until Aug. 15, 2022
|
Trade date: | May 28
|
Settlement date: | June 4 with accrued interest
|
Ratings: | Moody's: B1
|
| S&P: BB
|
| Fitch: BB+
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 100 to 100.5
|
Marketing: | Drive-by
|
Original issue: | $500 million issue priced July 30, 2019
|
Fungibility: | Add-on notes to become fungible with existing notes
|
Total issue size: | $1.215 billion
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.