Saturday 19 August 2017

Ardagh Group in GBP£400m (€458m) bond offering

Paul Coulson, executive chairman of Ardagh Group
Paul Coulson, executive chairman of Ardagh Group

Ellie Donnelly

Luxembourg-based Ardagh Group has announced a bond offering of £400m (€458m) senior notes.

Proceeds from the issuance of the notes will be used to redeem in full the US$500m senior secured notes due 2021, the company said.

The group, which floated on the New York Stock Exchange in March, has also given notice of redemption of the EUR405m first priority senior secured notes due 2022, funded through proceeds of EUR299m from the IPO in March, together with available cash resources.

In April this year the company announced a 51pc increase in revenue for the first three months of the year. The increase in earnings came after Ardagh finalised its biggest ever acquisition last year.

Read more: Ardagh Group disagrees with US jury verdict in patent infringement case

It paid $3bn to buy assets sold by rivals Ball Corporation and Rexam as part of Ball's $6.1bn acquisition of Rexam.

The assets acquired by the company are based in the US, Brazil and Europe.

Since then the company, which is is a global producer in metal and glass packaging solutions, has been focusing on reducing its debt.

The company operates 109 facilities in 22 countries, employing approximately 23,500 people and has global sales of approximately €7.7bn.

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