More PIKs for Ardagh
Ardagh Group wants to raise an equivalent of Eu395m in euro and dollar secured PIK notes to repay its 2015 PIK notes and to return money to shareholders. The Luxembourg-based packaging company plans to issue two tranches, provisionally rated Caa1, with sizes of Eu185m and $300m. The notes will mature in 2018.
Citi is sole bookrunner on this transaction and has organised investor meetings for Wednesday. Price talk for the seven year notes is expected to circulate on Thursday with pricing towards the end of the week, according to a banker close to the deal.
The face value of Ardaghs 2015
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