Ardagh’s $2.85bn bond to make way for ‘real’ high yield action

bottles
By Victor Jimenez
25 Apr 2016

Packaging maker Ardagh Group on Monday said it would unleash a $2.85bn bond offering in euros and dollars, the second largest proposed European high yield deal of the year, to fund asset purchases from Ball Corp.

Ardagh, which makes glass bottles and metal cans, plans to sell $2bn of senior secured notes and $850m of unsecured bonds, both as dual currency offerings.

Moody’s rates the corporate family B3, and the unsecured bonds issued by Ardagh Packaging Finance and Ardagh Finance Holdings, Caa1 and ...

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