GLASS AND packaging group Ardagh could seek further acquisitions after successfully raising €200 million from capital markets.

The group yesterday borrowed the money in a bond issue that was heavily oversubscribed.

Its subsidiary, Ardagh Packaging Finance, announced it was seeking to raise €200 million through the issue of senior bonds due to be repaid in 2020.

Ardagh said the money would be used for “general corporate purposes” including seeking further bolt-on acquisitions for the business.

Last September, the company, backed by businessman Paul Coulson and a group of Irish shareholders, bought Impress Co-operative for €1.7 billion.

The company manufactures tins for John West and Delmonte, among others. Ardagh used money borrowed from the bond markets to pay for that deal.

The company raised the money at 8.2 per cent rather than the 9.25 per cent rate it had expected to pay. One tranche of senior debt in an overall fundraising last September carried a 9.25 per cent interest rate.

While Ardagh is increasing its overall debt burden, credit rating agency Moody’s said it would leave the rating of the group’s senior unsecured bonds unchanged at B3. The agency said it assumed the money would be used to expand the overall business.

Ardagh is Europe’s biggest producer of glass bottles and tins as a result of the Impress deal.