By Paul A. Harris
Portland, Ore., April 3 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced a $500 million issue of five-year senior secured notes (B1/BB/BB+) at par to yield 5¼% in a Friday drive-by, according to a syndicate source.
The yield printed at the tight end of the 5¼% to 5½% yield talk.
Citigroup Global Markets Inc. was the bookrunner for the Rule 144A and Regulation S deal.
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.
| Issuers: | Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
|
| Amount: | $500 million
|
| Maturity: | April 30, 2025
|
| Securities: | Senior secured notes
|
| Bookrunner: | Citigroup Global Markets Inc.
|
| Coupon: | 5¼%
|
| Price: | Par
|
| Yield: | 5¼%
|
| Spread: | 490 bps
|
| First call: | Make-whole call at Treasuries plus 50 bps until April 30, 2022, then callable at 102.625
|
| Equity clawback: | 40% at 105.25 until April 30, 2022
|
| Trade date: | April 3
|
| Settlement date: | April 8
|
| Ratings: | Moody's: B1
|
| S&P: BB
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S for life
|
| Price talk: | 5¼% to 5½%
|
| Marketing: | Drive-by
|
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