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ARD Finance to redeem PIK, toggle notes due 2023 via new 2027 notes
By Marisa Wong
Los Angeles, Nov. 4 – ARD Finance SA announced it plans to redeem three series of notes due 2023 using proceeds from an offering of senor secured toggle notes due 2027.
ARD plans to redeem the senior secured 8¾% PIK notes due 2023 issued by ARD Securities Finance Sarl at an accreted amount of $399 million; and the €845 million 6 5/8%/7 3/8% senor secured toggle notes due 2023 and $770 million 7 1/8%/7 7/8% senor secured toggle notes due 2023 issued by ARD Finance.
The notes will be redeemed at a premium plus accrued interest, according to a press release.
ARD Finance owns about 92% of Ardagh Group SA, a Luxembourg-based supplier of recyclable metal and glass packaging.
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