Ardagh launches $400m bond sale

Glass and metal containers-maker Ardagh launched a $400 million (€363m) bond sale on Thursday as part of a strategy of refinancing existing debt to push out repayment dates.

The company, led by Dublin financier Paul Coulson, plans to issue new bonds that are due in 2026 to repay some debt, carrying an interest rate of 4.25 per cent that is due in 2022.

The move comes after Ardagh raised $1 billion of 2027 bonds on Tuesday, priced to yield investors 5.89 per cent, with the aim of using the money to redeem a portion of $1.7 billion 6 per cent notes that are due to mature in 2025.

Ardagh is among the most opportunistic Irish-run companies at refinancing debt as windows open in the market.

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The company is a global supplier of recyclable metal and glass packaging. It operates more than 50 metal and glass production facilities in 12 countries across three continents, employing more than 16,000 people with sales of $6.7 billion.

Ardagh pulled its full-year financial forecasts last month amid economic uncertainty even though demand for its products have generally remained strong to date.