Ardagh tenders for dollar, euro 7 3/8% senior secured notes due 2017

By Susanna Moon

Chicago, June 23 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. began tender offers for their €1,085,000,000 principal amount of 7 3/8% first-priority senior secured notes due 2017 and $860 million principal amount of 7 3/8% first-priority senior secured notes due 2017.

The offers will end at 5 p.m. ET on July 22.

The total purchase price will be €1,055.25 for each €1,000 principal amount or $1,054.99 per $1,000 of notes tendered by 5 p.m. ET on July 7, the early tender date.

The total amount includes an early tender premium of €30.00 per €1,000 of notes or $30.00 per $1,000 of notes.

Those who tender after the early deadline will receive the base payment, or €1,025.25 per €1,000 of notes or $1,024.99 per $1,000 of notes.

The company also will pay accrued interest.

The total payment is based on the make-whole calculation, using a settlement date of July 8, according to a company press release.

Tendered notes may be withdrawn by the early tender date.

Settlement for early tendered notes will occur on July 8 and for remaining tenders on July 23.

Citigroup Global Markets Ltd. (attn: liability management group, +44 20 7986 8969, 800 558-3745, collect 212 723-6106, email liabilitymanagement.europe@citi.com) and Deutsche Bank Securities Inc. (attn: liability management group, 866 627-0391, call collect 212 250-2955 or email zachary.messinger@db.com) are the dealer managers.

Global Bondholder Services Corp. (attn: corporate actions, 212 430-3774 for banks and brokers only or 866 470-4500) is the information agent.

Following financing, the companies plans to call the remaining notes for redemption, the release noted.

Ardagh Packaging and Ardagh Holdings, subsidiaries of Ardagh Group, set price talk for its three-part notes offering totaling €1,155,000,000 and $870 million on June 20, as reported by Prospect News.

The Dublin-based glass and metal container manufacturer plans to use the proceeds to fund a tender for its dollar-denominated and euro-denominated 7 3/8% senior secured notes due 2017 and its euro-denominated 7 1/8% senior notes due 2017.

© 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.