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News Jul 02, 2014

Shearman & Sterling Advises Ardagh On $3.1 Billion Notes Offering

Shearman & Sterling represented Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., as co-issuers, both subsidiaries of Ardagh Packaging Holdings Limited (“Ardagh Packaging Holdings”), in their offering of €1,155 million 4.250% First Priority Senior Secured Notes due 2022, $1,110 million floating rate First Priority Senior Secured Notes due 2019 and $440 million 6.000% Senior Notes due 2021 (together, the “Notes”). The Notes are guaranteed by Ardagh Packaging Holdings and will be guaranteed by certain of its wholly owned subsidiaries. The net proceeds from the issuance will be used to repay existing indebtedness. The offering, which was conducted pursuant to Rule 144A and Regulation S under the US Securities Act, closed on July 3, 2014.

Ardagh Packaging Holdings is a major global glass and metal packaging manufacturer with 94 production facilities located in 23 countries across five continents. Ardagh Packaging Holdings supplies companies such as AB InBev, Akzo Nobel, Bacardi, Bonduelle, Coca-Cola, Del Monte Foods, Diageo, Heineken, H.J. Heinz, Kraft, Nestle, Pernod Ricard, Procter & Gamble, SABMiller and Unilever.

The Shearman & Sterling team of lawyers in the firm’s London and Washington, DC offices included Capital Markets associates Ellen Shiels and Gordon Houseman; Finance partner Peter Hayes, counsel Gabrielle Wong and associates Shane Burke and Rory Milligan; Tax partner Kristen Garry, counsel Simon Letherman and associates Judy Fisher and Gabriel Ng; and counsel Mehran Massih, who advised on environmental aspects. Summer associate Sean Anderson also provided assistance on the transaction.