Proceeds from this offering will be used to fund the redemption of the Senior Secured 8.750% PIK Notes due 2023 issued by ARD Securities Finance SARL

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Image: ARD Finance intends to raise $2,215 million equivalent of debt financing. Photo: courtesy of Ardagh Group S.A.

ARD Finance announces that it intends to raise $2,215 million equivalent ($/EUR) of debt financing, through an offering of Senior Secured Toggle Notes due 2027 (the “Notes”).

Proceeds from this offering will be used to fund the redemption of (i) the Senior Secured 8.750% PIK Notes due 2023 issued by ARD Securities Finance SARL, at an accreted amount of $399 million, and (ii) the €845 million 6.625% / 7.375% Senior Secured Toggle Notes due 2023 and $770 million 7.125% / 7.875% Senior Secured Toggle Notes due 2023 issued by ARD Finance, together with optional redemption premium, accrued interest and related fees and expenses.

ARD Finance owns approximately 92% of Ardagh Group S.A. (NYSE: ARD). In the twelve months ended September 30, 2019, pro forma for the disposition of its Food & Specialty business, Ardagh Group S.A. recorded revenue and Adjusted EBITDA of $6,668 million and $1,178 million respectively. Leverage of Ardagh Group S.A. is unaffected by this intended financing, with its parent company debt maturities extended from 2023 to 2027.

Ardagh Group S.A. is a global supplier of infinitely recyclable metal and glass packaging for the world’s leading brands. Ardagh operates more than 50 metal and glass production facilities in 12 countries across three continents, employing over 16,000 people, with sales of $7bn.

Source: Company Press Release