Ardagh hits $1.6bn at tightest ever coupon, no compromise required
Ardagh, the Irish glass and metal packaging group, has increased its high yield bond by $150m to reach $1.6bn-equivalent in euros and dollars. But there was no compromise needed to get the bigger deal away — the coupons on the three tranches were the frequent issuer’s lowest ever.
The company sold 250m of senior secured November 2022 notes with a 5% coupon; $420m of senior secured bonds with the same maturity with a 4.875% coupon; and $850m of unsecured November 2020 notes with a 7% coupon. All issues priced at par.
On Thursday morning all bonds traded
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