By Paul A. Harris
Portland, Ore., Jan. 19 – Ardagh Packaging priced a $1 billion issue of eight-year senior notes (B3/CCC+) at par to yield 6% on Thursday, according to a syndicate source.
The yield printed on top of yield talk in the 6% area.
Initial guidance had the deal coming with a yield in the low 6% area, according to a bond trader.
Citigroup Global Markets Inc. was the left lead bookrunner. BofA Merrill Lynch and Deutsche Bank Securities Inc. were the joint bookrunners.
The Luxembourg-based producer of glass and metal products plans to use the proceeds, along with cash from the balance sheet, to repay its dollar-denominated 6¼% senior notes due 2019 and partially repay its dollar-denominated floating-rate senior secured notes due 2019.
Issuers: | Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
|
Amount: | $1 billion
|
Maturity: | Feb. 15, 2025
|
Securities: | Senior notes
|
Bookrunners: | Citigroup Global Markets Inc. (bill and deliver), BofA Merrill Lynch, Deutsche Bank Securities Inc.
|
Coupon: | 6%
|
Price: | Par
|
Yield: | 6%
|
Spread: | 372 bps
|
Call: | Make-whole call at Treasuries plus 50 bps until Feb. 15, 2020, then callable at 104.5
|
Equity clawback: | 40% at 106 until Feb. 15, 2020
|
Trade date: | Jan. 19
|
Settlement date: | Jan. 30
|
Ratings: | Moody's: B3
|
| S&P: CCC+
|
Distribution: | Rule 144A and Regulation S for life
|
Price talk: | 6% area
|
Marketing: | Quick to market
|
© 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.