Ardagh to repay debt as it raises $715m in bond sale

Glass and metal container group led by Paul Coulsen operates facilities in 12 countries

Ardagh chairman Paul Coulson: he said he was very pleased with the ongoing support of bond investors

Ardagh chairman Paul Coulson: he said he was very pleased with the ongoing support of bond investors

 

Glass and metal container group Ardagh has raised $715 million (€644m) in a bond sale. The company, which had been seeking to raise $400 million, is using the net proceeds to repay debt. The bonds will yield investors 4 per cent.

The proceeds will be used to redeem in full the $695.35 million 4.25 per cent senior secured notes due in 2022, as well as to pay accrued interest and redemption premium.

Ardagh chairman Paul Coulson said: “We are very pleased with the ongoing support of bond investors in this latest upsized offering, following which we have no bond maturities arising before 2024.”

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.

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.