Ardagh to sell $400 million tap of 4 1/8% secured notes on Thursday

By Paul A. Harris

Portland, Ore., May 28 – Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. plan to price a $400 million add-on to their 4 1/8% senior secured notes due Aug. 15, 2026 (B1/BB/BB+) in a Thursday drive-by, according to market sources.

Initial price talk is 99.5 to par, according to a trader.

Citigroup Global Markets Inc. is the lead bookrunner. BofA Securities Inc. and Goldman Sachs & Co. LLC are the joint bookrunners.

The Rule 144A and Regulation S for life notes feature a make-whole call at Treasuries plus 50 basis points until Aug. 15, 2022, then become callable at 102.063. They also feature a special call for 10% of the notes annually at 103 until the first call date.

The Dublin, Ireland-based glass and metal packaging manufacturer plans to use the proceeds to redeem part of its 4¼% senior secured notes due 2022.

The original $500 million issue priced on July 30, 2019.

The add-on notes are set to become fungible with existing notes.

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