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Ardagh Metal Packaging to price $600 million five-year secured green notes on Wednesday
By Paul A. Harris
Portland, Ore., June 1 – Ardagh Metal Packaging plans to price a $600 million offering of five-year senior secured green notes (expected ratings Ba2/BB/BB) in a Wednesday drive-by trailing a conference call with investors, according to market sources.
Initial guidance has the notes coming to yield in the 6¼% area, a sellside source said.
Citigroup is the left bookrunner. BofA, Goldman Sachs and Rabobank are the joint bookrunners.
BNP Paribas and Truist are the co-managers.
The notes become callable after two years at par plus 50% of the coupon. A special call provision allows the issuer to redeem 10% of the notes annually at 103 during the non-call period.
The notes feature a 40% equity clawback at par plus the full coupon during the non-call period. They also feature a 101% poison put.
The issuing entities will be Ardagh Metal Packaging Finance USA LLC and Ardagh Metal Packaging Finance plc.
The Dublin-based supplier of glass and metal containers plans to use the proceeds for general corporate purposes, including its previously announced business growth investments in accordance with the Ardagh Group Green Financing Framework.
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