Shearman And Sterling

News Jun 03, 2020

Ardagh’s $1 Billion Notes Offering and $900 Million Tender Offer and Consent Solicitation

Shearman & Sterling represented Ardagh in connection with its offering of $1 billion 5.250% senior notes due 2027 (the “Offering”), its tender offer for up to $900 million of its existing 6.000% senior notes due 2025 and its consent solicitation for certain amendments to the indenture governing the 6.000% senior notes due 2025.

The Offering, which was conducted pursuant to Regulation S and Rule 144A under the U.S. Securities Act, closed on June 2, 2020.

The net proceeds of the Offering will be used to repay indebtedness, to pay any consent fees payable in connection with the consent solicitation and to pay fees and expenses related to the Offering. Any net proceeds of the Offering not used to fund the tender offer or pay consent fees will be used to repurchase 6.000% senior notes due 2025 in the open market or otherwise for general corporate purposes. The initial settlement date of the tender offer and consent solicitation is expected to be June 11, 2020 and the final settlement date of the tender offer and consent solicitation is expected to be June 25, 2020.

Ardagh is a global supplier of metal and glass packaging for the world’s leading brands. Ardagh operates more than 50 metal and glass production facilities in 12 countries across three continents, employing over 16,000 people with sales of $6.7 billion.

The team below also included associate Harekrishna Ashar.

The Team