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.
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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