Shearman & Sterling advised Ardagh Group S.A. as parent guarantor on an $850 million financing agented by Citibank, N.A. The financing consisted of an $840 million secured New York ABL revolving credit facility and a $10 million secured French ABL revolving credit facility.
The facilities are secured by inventory and receivables in the United States and five European countries. The obligors included Ardagh entities in the United States, the United Kingdom, France, Germany, Netherlands, Switzerland and Ireland.
This financing is notable for integrating Ardagh’s existing securitization structure with the new ABL structure and the complex issues stemming from the number of jurisdictions involved.