New Issue: Ardagh Packaging prices $200 million tap of 5¼% notes due 2025 at par

By Paul A. Harris

Portland, Ore., April 7 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. priced a $200 million add-on to their 5¼% senior secured notes due April 30, 2025 (B1/BB/BB+) at par to yield 5.249% on Tuesday, according to a syndicate source.

The issue price came on top of price talk.

Citigroup Global Markets Inc. was the bookrunner.

The original $500 million issue priced at par just four days ago, on April 3.

Ardagh Packaging, a producer of glass and metal packaging solutions based in Dublin, Ireland, plans to use proceeds from the add-on to put cash on its balance sheet.

Issuers:	Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
Amount:	$200 million
Maturity:	April 30, 2025
Security description:	Add-on to 5¼% senior secured notes due April 30, 2025
Bookrunner:	Citigroup Global Markets Inc.
Coupon:	5¼%
Price:	Par
Yield:	5.249%
Spread:	477 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 7
Settlement date:	April 9 with accrued interest
Ratings:	Moody's: B1
	S&P: BB
	Fitch: BB+
Distribution:	Rule 144A and Regulation S for life
Price talk:	Par
Marketing:	Drive-by
Fungibility:	Rule 144A add-on notes to become immediately fungible with original notes; Regulation S add-on notes to become fungible following 40-day seasoning period
Total issue size:	$700 million, including $500 million priced on April 3, 2020

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