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Ardagh enlists Apollo to refinance $700m debt that falls due next year

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Ardagh-Group News

Paul-Coulson

Companies also agree plan to mop up some risky bonds as S&P moved earlier this month to downgrade company on account of $12bn debt burden

Companies also agree plan to mop up some risky bonds as S&P moved earlier this month to downgrade company on account of $12bn debt burdenPaul Coulson has built Ardagh Group over the past 25 years into one of the world's largest glass and metal container makers. He effectively owns 36 per cent of the group. Photograph: Alan Betson

The new facilities are mainly made up of a $790 million senior secured term loan from Apollo, which will be used to redeem at face value $700 million of senior notes that are due to be repaid in 12 months’ time and which carry a 5.25 per cent interest rate, or coupon. Ardagh’s decision to enter a deal with a debt specialist is unusual for the group, which has been one of the most active Irish-run players in the US junk-bond market in the past two decades.

 

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