Glass and metal containers giant Ardagh Group has launched a bond deal as it seeks to raise $600 million (€547 million) in order to repay debt.
The New York-listed group, which is led by Dubliner Paul Coulsen, is offering $600 million of senior notes that will mature in 2027.
The proceeds will be used to repay debt, by means of a tender offer to repurchase a portion of the $1.7 billion senior notes that will mature in 2025.
The company pulled its full-year financial forecasts last month amid the economic uncertainty posed by the Covid-19 pandemic, even though demand for its products have generally remained strong to date.
However, the company said it had seen a “noticeable decline” in demand for glass bottles in its European business, which is more heavily exposed to cafes, hotels and restaurants than other units.
Group sales dipped 1 per cent in the first quarter to $1.62 billion. Earnings before interest, tax, depreciation and amortisation declined at the same pace to $273 million, which was slightly better than what the company had predicted at the end of February.
Ardagh Group is a global supplier of recyclable, metal and glass packaging. It 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.
