Published on 4/7/2020 in the Prospect News High Yield Daily.
New Issue: Ardagh Packaging prices $200 million tap of 5¼% notes due 2025 at par
By Paul A. Harris
Portland, Ore., April 7 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced a $200 million add-on to their 5¼% senior secured notes due April 30, 2025 (B1/BB/BB+) at par to yield 5.249% on Tuesday, according to a syndicate source.
The issue price came on top of price talk.
Citigroup Global Markets Inc. was the bookrunner.
The original $500 million issue priced at par just four days ago, on April 3.
Ardagh Packaging, a producer of glass and metal packaging solutions based in Dublin, Ireland, plans to use proceeds from the add-on to put cash on its balance sheet.
Issuers: | Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
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Amount: | $200 million
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Maturity: | April 30, 2025
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Security description: | Add-on to 5¼% senior secured notes due April 30, 2025
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Bookrunner: | Citigroup Global Markets Inc.
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Coupon: | 5¼%
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Price: | Par
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Yield: | 5.249%
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Spread: | 477 bps
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First call: | Make-whole call at Treasuries plus 50 bps until April 30, 2022, then callable at 102.625
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Equity clawback: | 40% at 105.25 until April 30, 2022
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Trade date: | April 7
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Settlement date: | April 9 with accrued interest
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Ratings: | Moody's: B1
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| S&P: BB
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| Fitch: BB+
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Distribution: | Rule 144A and Regulation S for life
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Price talk: | Par
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Marketing: | Drive-by
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Fungibility: | Rule 144A add-on notes to become immediately fungible with original notes; Regulation S add-on notes to become fungible following 40-day seasoning period
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Total issue size: | $700 million, including $500 million priced on April 3, 2020
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