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Ardagh Group solicits consents to amend 4¾% senior notes due 2027
By Marisa Wong
Los Angeles, Oct. 23 – Ardagh Group SA said it has launched a solicitation of consents from holders of the £400 million 4¾% senior notes due 2027 (ISIN: XS1628849645, XS1628848241) issued by Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. to approve some amendments to the indenture relating to the notes.
The proposed amendments would conform covenants, definitions and other terms in the indenture for the 4¾% notes due 2027 with those contained in the indentures governing the existing debt securities of Ardagh Packaging and Ardagh Holdings. This in turn would result in a uniform set of covenants that would enable the Ardagh group to more efficiently monitor covenant compliance, according to a press release.
The consent solicitation will expire at 11 a.m. ET on Nov. 5.
Ardagh is offering a 1% consideration to holder who consent to the proposed changes.
Adoption of the proposed amendments requires the consents of holders of a majority in principal amount of the notes outstanding.
Consents delivered may be revoked at any time prior to the effective time but not after.
The issuers expect to execute a supplemental indenture effecting the proposed changes soon after it receives the necessary consents. The effective time of the amendments may fall prior to the consent deadline, according to the release.
If the required consents are received and all other conditions of the solicitation have been satisfied or waived, the consent payment will be made as soon as practicable and no later than three business days after the consent deadline.
Lucid Issuer Services Ltd. (ardagh@lucid-is.com, attn.: Paul Kamminga, +44 207 704 0880) is the information and tabulation agent.
Citigroup Global Markets Ltd. (attn.: liability management group, liabilitymanagement.europe@citi.com, +44 20 7986 8969) is the solicitation agent.
Ardagh is a Luxembourg-based global supplier of recyclable metal and glass packaging.
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