Shearman & Sterling advised Ardagh Group S.A. and its subsidiaries, as Borrowers and Guarantors, on an amendment to Ardagh’s existing $500 million senior-secured ABL facility agented by Citibank providing for, among other things, an extension of the maturity date of the credit agreement, a reduction of the interest rate margin applicable to the loans extended pursuant to the credit agreement, and an incorporation of market-related changes to add replacement benchmark interest rate provisions, UK bail-in and QFC provisions and erroneous payment provisions.
Ardagh Group S.A., together with its subsidiaries, manufactures and supplies rigid packaging solutions primarily for the food and beverage markets worldwide. The company operates through four segments: Metal Beverage Packaging Europe, Metal Beverage Packaging Americas, Glass Packaging Europe, and Glass Packaging North America. Its products include metal beverage cans and glass containers. The company also engages in glass engineering, business, which include design and supply of glass packaging machinery and spare parts; and the provision of technical assistance to third party users. The company was formerly known as Ardagh Finance Holdings S.A. and changed its name to Ardagh Group S.A. in February 2017. The company was founded in 1932 and is based in Luxembourg City, Luxembourg. Ardagh Group S.A. is a subsidiary of ARD Finance S.A.
The Shearman & Sterling team below included associate Jordan Briggs (New York-Financial Institutions Advisory & Financial Regulatory).