SPAC fever spills into HY as Ardagh strikes can deal

By Owen Sanderson
25 Feb 2021

High yield market darling Ardagh has joined in with the SPAC fever sweeping capital markets, announcing on Tuesday the merger of its drinks can business with a SPAC sponsored by billionaire Alec Gores. The combined business wasted no time in launching the debt finance for the deal, with a $2.3bn-equivalent four tranche green bond following on Thursday.

Drinks cans might seem a less exciting business than speculative, zero revenue electric vehicle companies, but a special purpose acquisition companies (SPACs) can still make new pools of capital available, increasing the options for firms that are looking to spin off and deconsolidate parts of their businesses, like ...

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