Ardagh driving by with $600 million and €350 million secured notes, $800 million unsecured notes

By Paul A. Harris

Portland, Ore., July 29 – Ardagh Group SA plans to price two tranches of secured notes and one tranche of unsecured notes in a quick-to-market Monday trade following a mid-morning conference call with investors, according to a syndicate source.

The secured portion of the deal includes $600 million and €350 million tranches of seven-year senior secured notes (existing ratings Ba3/BB). Citigroup Global Markets Inc. is the lead bookrunner. Barclays and BofA Securities Inc. are the joint bookrunners.

The sole unsecured tranche comes as $800 million of eight-year senior notes (existing ratings B3/B). Citigroup is the lead bookrunner. Barclays and Deutsche Bank Securities Inc. are the joint bookrunners for the unsecured notes.

Rabo Securities and SunTrust Robinson Humphrey Inc. are co-managers for all tranches.

The Rule 144A and Regulation S notes in all three tranches become callable after three years at par plus 50% of the respective coupons.

The secured notes come with a special call provision permitting the issuer to redeem 10% of the notes annually at 103 during the non-call period.

The issuing entities will be Ardagh Packaging Finance plc and Ardagh Holdings USA Inc.

The Luxembourg-based glass and metal packaging producer plans to use the proceeds to refinance debt and for general corporate purposes.

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