by Stephen Carter
Nov 20, 2025 12:53 PM ET
+++Corrects UST spread: +257bp (not +227bp)+++
Ardagh Metal Packaging Finance plc/Ardagh Metal Packaging Finance USA LLC (AMBP, AMPBEV) approx US$1.285bn equivalent (EUR/US$) 144A/Reg S sr sec green notes 5.25yNC2 2-part. B2/B+/BB- (stable/stable/stable). No reg rights. Settles 12/01 (T+6 US).
- EUR570m sr sec notes due 01/30/31 (5.25y). NC2 (12/01/27) (MWC B+50bp), tehn at 102.50 12/01/27, 101.25 12/01/28, 100 12/01/29. Equity claw: 2y 40% at 105.00. Special call: 10% per year the 1st 2 years at 103. Via JPM (B&D,)/Barc/Citi jt glocos/Rabo jt physical books/BMO/BofA/GS/Key/Rabo (green structuring agent)/Regions/Santander jt books. List ISE. NY law. CoC at 101. Pays June 30 and Dec 30, starting 06/30/36. Denoms 100kx1k.Reg S ISIN: XS3239172565. Whisper: mid 5s. IPT: mid-to-high 5s. Price talk: 5.25% area. Final price: 5.00%-5.125% WPIR. Priced: 5.00% at 100.
- US$620m sr sec notes due 01/30/31 (5.25y). NC2 (12/01/27) (MWC T+50bp), then at 103.125 12/01/27, 101.563 12/01/28, 100 12/01/29. Equity claw: 2y 40% at 106.25. Special call: 10% per year the 1st 2 years at 103. Via Citi (B&D, sole physical books)/Barc/JPM jt glocos/BMO/BofA/GS/Key/Rabo (green structuring agent)/Regions/Santander jt books. List ISE. NY law. CoC at 101. Pays June 30 and Dec 30, starting 06/30/36. Denoms 200kx1k. 144A CUSIP: 03969YAD0; 144A ISIN: US03969YAD04. IPT: 6.75% area. Price talk: 6.50% area. Final price: 6.25%. Priced: 6.25% at 100. +257bp vs 3.625% 10/31/30.
Roadshow (small group meetings) 11/18-19 (investor call at 3pm UKT 11/18). Books closed at 10am NYT / 3pm UKT 11/20. Reconfirms were due by 10:30am NYT / 3:30pm UKT 11/20. UOP: redeem its $600m 6.00% sr sec notes due 06/15/27 (callable at 101.50), refinance its EUR269m sr sec term loan due 2029, fully redeem its preference shares issued to Ardagh Group, and terminate the Group's cross-currency interest rate swaps. Biz: a global supplier of metal beverage cans and ends. It is a sub on Ardagh Group. HQ: Luxembourg.
Netroadshow direct link: https://www.netroadshow.com/events/login/LE9zwo49BevHesoBBSdRvAElwDgTQ0LwhKq.