Shearman And Sterling

News September 28, 2016

Shearman & Sterling Advises ARD Finance on Its $1.7 Billion Offering of Senior Secured Toggle Notes

Shearman & Sterling represented ARD Finance S.A., an indirect parent company of Ardagh Packaging Holdings Limited (Ardagh), in its offering of $770 million 7.125% / 7.875% senior secured toggle notes due 2023 and €845 million 6.625% / 7.375% senior secured toggle notes due 2023. The net proceeds from the issuance will be used to fund the redemption of the existing PIK notes due 2019 issued by Ardagh Finance Holdings S.A. and to finance a return of capital to shareholders. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on September 16, 2016.

Ardagh, a major global glass and metal packaging manufacturer, operates 110 glass and metal manufacturing facilities located in 22 countries across five continents. It supplies companies such as AB InBev, Akzo Nobel, Bacardi, Bonduelle, Coca-Cola, ConAgra Foods, Constellation Brands, Diageo, Heineken, The Kraft Heinz Company, Nestlé, Pernod Ricard, Procter & Gamble and Unilever.

The Team