Ardagh PIK toggle refi could pave way for share sale

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By Owen Sanderson
04 Nov 2019

Citi is leading a $2.215bn dual currency PIK toggle issue for packaging company Ardagh, refinancing existing PIK and PIK toggle issues after the firm span out its metal packaging business — and making it easier to sell shares in the tightly held group to the market.

The deal structure will be eight year non-call three, across euros and dollars, with ratings to be confirmed but likely in line with existing bonds at Caa2/B-. The bonds will be secured on share pledges of the group and its financing entities and escrow accounts.

Of the $2.215bn-equivalent ...

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