Ardagh to price $500 million of secured notes in Friday drive-by; initial talk mid-to-high 5% area

By Paul A. Harris

Portland, Ore., April 3 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. plan to price a $500 million offering of five-year senior secured notes in a Friday drive-by trailing a conference call with investors, according to market sources.

Initial guidance has the notes coming with a yield in the mid-to-high 5% area, a New York-based trader said.

Citigroup Global Markets Inc. is the bookrunner.

The Rule 144A and Regulation S for life notes become callable after two years at par plus 50% of the coupon.

Ardagh Packaging, a producer of glass and metal packaging solutions based in Dublin, Ireland, plans to use the proceeds to refinance its credit facility, to put cash on its balance sheet and for general corporate purposes.

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