Trivium Packaging starts roadshow for $2.75 billion equivalent notes in four tranches

By Paul A. Harris

Portland, Ore., July 15 – Trivium Packaging Finance BV started an international roadshow on Monday in London City for a $2.75 billon equivalent four-part offering of high-yield notes, according to an informed source.

The deal features $1.25 billion equivalent of euro-denominated seven-year notes in tranches of fixed-rate notes with three years of call protection and floating-rate notes with one year of call protection. Tranche sizes remain to be determined.

In addition, the deal features $900 million of seven-year senior secured fixed-rate notes, which come with three years of call protection.

The sole unsecured tranche comes as $600 million of eight-year senior fixed-rate notes with three years of call protection.

The roadshow continues on London's West End on Tuesday, moves to New York on Wednesday, to Los Angeles on Thursday and is scheduled to wrap up in Boston on Friday.

Joint bookrunner Citigroup Global Markets Inc. will bill and deliver for the Rule 144A and Regulation S deal. BMO Capital Markets is also a joint bookrunner.

Proceeds will be used to form Trivium Packaging BV, a joint venture combination of Ardagh’s metal, food and specialty business, with Ontario Teachers' Pension Plan Board’s Exal Corp., via cash consideration to Ardagh Group. Proceeds will also be used refinance certain debt of Exal and for general corporate purposes.

Trivium Packaging is a diversified metal packaging business based in Luxembourg.

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