Ardagh plans to price €1.16 billion and $870 million notes in three parts on Friday

By Paul A. Harris

Portland, Ore., June 19 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. rolled out note offerings totaling €1,155,000,000 and $870 million on Thursday.

The deal, which is being marketed by means of a net roadshow, is expected to price on Friday.

The offering includes $430 million of senior secured floating-rate notes due June 30, 2019 (existing ratings Ba3/B+), which are callable after two years at 102, and €1,155,000,000 senior secured fixed-rate notes due Jan. 15, 2022 (existing ratings Ba3/B+), which are non-callable for three years.

The unsecured tranche is a $440 million offering of senior notes due June 30, 2021 (existing ratings Caa1/CCC+), non-callable for three years.

Joint bookrunner Citigroup Global Markets will bill and deliver for the Rule 144A and Regulation S for life three-part transaction. Deutsche Bank Securities Inc. is also a joint bookrunner.

The notes in all three tranches feature 35% equity clawbacks at par plus the coupon and 101% poison puts.

The Dublin, Ireland-based glass and metal container manufacturer plans to use the proceeds to fund the 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.