Ardagh wraps tender offers for 7 3/8% notes due 2017, calls remainder

By Susanna Moon

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

The companies received tenders for €911,281,000, or 83.99%, of the euro-denominated notes and $819,324,000, or 95.27%, of the dollar-denominated notes by the end of the offer at 5 p.m. ET on July 22, with settlement set for July 23, according to a company press release.

Ardagh also called the remaining notes for redemption on Aug. 21, with a record date of Aug. 20, according to a separate press release.

The notes are being called at 104.712% of par plus accrued interest to the redemption date for the euro notes and at 104.696% of par plus accrued interest for the dollar notes.

The redemption price is only indicative; it will be recalculated based on the Bund rate and Treasury rate as of the redemption date and may be adjusted to account for any changes, the press release noted.

The paying agent is Citibank, NA, London Branch.

Tender offer details

The final tender tally compares with tenders for €911,281,000, or 83.99%, of the euro notes and $814,324,000, or 94.69%, of the dollar notes as of 5 p.m. ET on July 7, the early tender date, with settlement on July 8.

As previously announced, the total payout was €1,055.25 per €1,000 principal amount of euro notes and $1,054.99 per $1,000 principal amount of dollar notes tendered by the early deadline.

Holders who tendered their notes after the early tender date will receive €1,025.25 per €1,000 of euro notes and $1,024.99 per $1,000 of dollar notes.

The tender offer payment is equal to the total amount less the early tender payment of €30.00 per €1,000 principal amount or $30.00 per $1,000 principal amount.

The company also will pay accrued interest.

The offers began on June 23.

The offers were not conditioned on a minimum principal amount being tendered.

The companies previously said they plan to call the remaining notes for redemption.

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

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

Ardagh Packaging and Ardagh Holdings are subsidiaries of Ardagh Group, a Dublin-based glass and metal container manufacturer.

© 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.