Ardagh to provide euro HY test in bid to repay bank debt

Ardagh Glass is this week roadshowing the largest euro denominated high yield bond so far in 2009. The privately-owned Irish glass container firm is planning to use the Eu300m proceeds to pay down some of its bank debt, following an increasing number of borrowers using the bond markets to refinance or repay loans.

  • 15 Jun 2009

The new issue is a “bank disintermediation trade”, said a source close to the deal. Ardagh is trying to reduce its reliance on its usual Irish bank lenders, he said.

The seven year non call four year issue will be used to repay Eu150m of senior bank debt and ...

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Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 Citi 7,171 21 10.72
2 Bank of America Merrill Lynch (BAML) 6,901 20 10.32
3 JP Morgan 4,776 10 7.14
4 Credit Suisse 4,718 9 7.05
5 Lloyds Bank 4,420 14 6.61

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1 Wells Fargo Securities 68,611.22 170 11.38%
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3 JPMorgan 56,861.85 163 9.43%
4 Citi 56,521.05 165 9.38%
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