S&P gives Ardagh notes BB, B+

S&P said it gave Ardagh Group SA’s planned $1.15 billion of senior secured notes due 2028 BB and 1 recovery ratings and B+ with 3 recovery ratings to its prospective $1.5 billion of senior unsecured notes due 2029. Ardagh also plans to sell $1.125 billion in equity.

The notes will be sold through subsidiaries Ardagh Metal Packaging Finance plc and Ardagh Metal Packaging Finance USA LLC.

It will use apply much of the proceeds to debt repayments at the Ardagh Group level.

“S&P Global Ratings does not expect this transaction to affect the group's leverage much. We expect debt to EBITDA to remain above 7.5x at year-end 2021 and would still assess the financial risk profile as highly leveraged,” the agency said in a press release.

The outlook is stable.

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