Shearman & Sterling has advised Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. (the “Issuers”) on their tender offers (the “Offers”) for their €1,085 million First Priority Senior Secured Notes due 2017 and $860 million First Priority Senior Secured Notes due 2017 (the “Notes”). The Offers were launched on June 23, 2014 and settled on July 23, 2014 (with an early settlement for the Offers on July 8, 2014). The firm also advised Ardagh Packaging Finance plc and Ardagh Holdings USA Inc. on the subsequent redemption of the remaining outstanding Notes and the satisfaction and discharge of the indenture governing the Notes.
These are the first tender offers by the Issuers and were launched in conjunction with the their $3.1 billion Notes offering earlier in July 2014 and less than two months after Ardagh Finance Holdings S.A.’s approximately $1 billion Senior PIK Notes offering in June 2014.
Ardagh Packaging Holdings Limited, the parent of the Issuers, 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, Toronto and Washington, DC offices included Capital Markets associates Ellen Shiels and Gordon Houseman and Tax partner Kristen Garry. Associate Kevin Roggow also provided assistance on the transaction.