By Paul A. Harris
Portland, Ore., June 5 – Ardagh Group priced a massively upsized €790 million issue of non-fungible 2 1/8% senior secured mirror notes due Aug. 15, 2026 (B1/B+/BB+) at 96.5 to yield 2.743% in a Friday drive-by, according to market sources.
The notes were sold via Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
Citigroup was the physical bookrunner. Join bookrunners were BNP Paribas and Credit Suisse.
The issue size increased from €350 million.
The issue price came at the rich end of the 96 to 96.5 price talk. Initial price talk was 95 to 95.5.
Proceeds will be used to refinance the 2¾% senior secured notes due 2024.
Friday’s mirror notes deal came slightly more than a week after the Dublin, Ireland-based glass and metal packaging manufacturer priced a $715 million add-on to the 4 1/8% senior secured notes due Aug. 15, 2026, on May 28, a deal which, itself, came just two days after a $1 billion tap of the 5¼% senior notes due Aug. 15, 2027, which priced on May 26.
| Issuers: | Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.
|
| Amount: | €790 million, increased from €350 million
|
| Maturity: | Aug. 15, 2026
|
| Security description: | Non-fungible 2 1/8% senior secured mirror notes due Aug. 15, 2026
|
| Physical bookrunner: | Citigroup
|
| Joint bookrunners: | BNP Paribas and Credit Suisse
|
| Coupon: | 2 1/8%
|
| Price: | 96.5
|
| Yield: | 2.743%
|
| Spread: | 325 bps
|
| First call: | Aug. 15, 2022 at 101.063
|
| Special call: | 10% of the notes annually at 103 during the non-call period
|
| Trade date: | June 5
|
| Settlement date: | June 10
|
| Ratings: | Moody's: B1
|
| S&P: B+
|
| Fitch: BB+
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 96 to 96.5
|
| Marketing: | Drive-by
|
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