ARD Finance $1.7 billion Pik notes issue

Overview:

• ARD Finance has issued $1.7 billion in senior secured payment-in-kind (Pik) notes.
• The issue consists of $770 million 7.125%/7.875% senior secured toggle notes due 2023 and €845 million 6.625%/7.375% senior secured toggle notes due 2023.
• Proceeds from the issue will be used to fund the redemption of the existing Pik notes due 2019 issued by Ardagh Finance Holdings.
• ARD Finance is the parent company of Ardagh Packaging Holdings, a glass and metal packaging manufacturer operating in 22 countries.

Sam Duke - Editor

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