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Moody’s gives Ardagh Packaging notes B3
Moody's Investors Service said it assigned a B3 rating to the new $1 billion senior notes due 2025 issued by Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., wholly owned subsidiaries of Ardagh Group SA, the ultimate parent company of Ardagh Packaging Group Ltd. (B2 stable).
All other ratings, including the B2 corporate family rating and B2-PD probability of default rating of Ardagh and existing instrument ratings of its subsidiaries, remain unchanged.
Moody's will withdraw the B3 rating on the $415 million 6¼% senior notes due 2019 issued by Ardagh Packaging Finance following their redemption.
The outlook is stable.
Proceeds from the new notes will be used together with $300 million of available cash on balance sheet to repay the existing 6¼% senior notes due 2019 in full and partially redeem the company's Libor plus 300 basis points senior secured floating-rate notes also due 2019.
The use of proceeds is credit positive, the agency said.
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