New Issue: Ardagh Glass sells €200 million add-on to 9¼% notes due 2020 at 105.875

By Paul A. Harris

Portland, Ore., Feb. 1 - Ireland's Ardagh Packaging Finance plc priced a €200 million add-on to its 9¼% notes (B3/B-/) due Oct. 15, 2020 at 105.875 on Tuesday, resulting in an 8.201% yield to worst, according to an informed source.

The reoffer price came at the rich end of the 105.75 area price talk.

Citigroup ran the books.

The Dublin, Ireland-based packaging company plans to use the proceeds for general corporate purposes, which may include acquisitions.

Issuer:	Ardagh Packaging Finance plc
Face amount:	€200 million
Proceeds:	€211.75 million
Maturity:	Oct. 15, 2020
Security description:	Fungible add-on to the 9¼% senior notes due Oct. 15, 2020
Bookrunner:	Citigroup
Coupon:	9¼%
Price:	105.875
Yield to worst:	8.201%
Call protection:	Callable after Feb. 15, 2015
Trade date:	Feb. 1
Settlement date:	Feb. 4
Ratings:	Moody's: B3
	Standard & Poor's: B-
Distribution:	Rule 144A and Regulation S for life
Price talk:	105.75 area
Marketing:	Quick to market
Original issue:	€275 million (downsized from €315 million) priced at par on Sept. 30, 2010
Total issue size:	€475 million

© 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.