Ardagh gets early tenders for 84%, 95% of euro, dollar 7 3/8% notes

By Marisa Wong

Madison, Wis., July 8 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. announced the early results of their previously announced offers to purchase for cash any and all of 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.

As of 5 p.m. ET on July 7, the early tender deadline, the companies received tenders for €911,281,000, or 83.99%, of the euro-denominated notes and $814,324,000, or 94.69%, of the dollar-denominated notes.

Tenders may no longer be withdrawn.

The companies said they intend to accept for purchase all notes tendered as of the early tender time on July 8.

Holders who tendered prior to the early deadline will receive the total consideration, which is €1,055.25 per €1,000 principal amount of euro notes and $1,054.99 per $1,000 principal amount of dollar notes.

Holders who have not already tendered their notes may do so by 5 p.m. ET on July 22, the expiration time, but will only be eligible to receive €1,025.25 per €1,000 of euro notes and $1,024.99 per $1,000 of dollar notes. The tender offer consideration is equal to the total consideration less the early tender payment of €30.00 per €1,000 principal amount or $30.00 per $1,000 principal amount, as applicable.

The company also will pay accrued interest.

Settlement of the final tenders will occur on July 23.

The offers began on June 23.

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

The companies plan to call the remaining notes for redemption, a previous press release noted.

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) 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.

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

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