Fitch rates Ardagh bonds BB+

Fitch Ratings said it assigned a rating of BB+/RR1 to $500 million of senior secured guaranteed notes due 2025 co-issued by Ardagh Packaging Finance plc and Ardagh Holding USA Inc. The notes are guaranteed by Ardagh Group SA.

“The bonds are rated three notches above Ardagh Group SA’s B+ issuer default rating (IDR) reflecting Fitch’s expectation of superior recovery. The newly issued bonds rank pari-passu with and share the same security package as the issuers existing senior secured bonds,” Fitch said in a press release.

The proceeds will be used to refinance the recently drawn credit facility and the remainder will be kept on the balance sheet as cash.

“The combined addition of $500million in new liquidity will serve as a near-term cash buffer,” Fitch said.

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