Ardagh receives tenders for $1.2 billion of its 6% notes due 2025

By Rebecca Melvin

New York, June 24 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. have received valid tenders of $1,196,430,000 principal amount of its 6% senior notes due 2025 (Cusips: G04586AM8, 03969AAL4), representing about 70% of the notes outstanding and exceeding the tender offer amount of up to $900 million, according to a London Stock Exchange notice.

There was $1.7 billion of the issue outstanding at the time the tender offer and related consent solicitation were made on May 27.

Withdrawal rights have expired.

The notes validly tendered prior to the early tender deadline on June 9 were accepted on a pro rata basis for repurchase of an amount of $900,003,000. Settlement for notes tendered and accepted for purchase prior to the early tender/consent deadline occurred on June 11.

As previously reported, the consideration for notes validly tendered and accepted for purchase is $1,015 for each $1,000 principal amount of notes. The issuers also paid an early tender payment of $30 per $1,000 principal amount of notes and a consent payment in cash equal to $2.50 for each $1,000 principal amount of notes.

The issuers sought to amend the notes’ indenture to more closely align and conform some covenants, definitions and other terms with those contained in the indenture governing the issuers' existing $800 million 5¼% senior notes due 2027 that were issued on Aug. 12, 2019.

The proposed amendments, among other things, align capacity under the indenture to incur debt, make restricted payments, make investments, incur liens, sell assets and conduct transactions with affiliates with the August 2019 notes.

Those who tendered their notes automatically consented to the amendments.

The dealer managers and solicitation agents were Citigroup Global Markets Inc. (800 558-3745, 212 723-6106, +44 20 7986 8969), Barclays Bank plc (800 438-3242, 212 528-7581, +44 20 3134 8515 collect) and Wells Fargo Securities, LLC (866 309-6316, 704 410-4759 collect).

The tender, tabulation and information agent was Lucid Issuer Services Ltd. (+44 20 7704 0880, ardagh@lucid-is.com).

Ardagh is a Luxembourg-based glass and metal packaging company.

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