Commentary & Deal Flow

Ardagh Packaging Finance plc / Ardagh Holdings USA Inc EUR790m (up from EUR350m) 144A/Reg S mirror notes to its 2.125% sr sec notes due 15 August 2026 (6.217y). NC2.17 (15-Aug-2022) (MWC B+50bp), then at 101.063, 100.531, 100. Special Call: 10% at 103 p.a. until 15-Aug-2022. Equity Clawback: 40% at 102.125% until 15-Aug-2022. B1/BB/BB+ (stable/stable/stable). Via Citi/BNPP/CS joint books, Rabo, STRH as co-managers. No reg rights. NY Law. Not fungible with the EUR440m issue priced 07/20/19. IPT 95-95.50. Px talk: 96.00-96.50. Additional UOP: full redemption of its EUR740.7m 2.75% sr sec notes, including call premium.

Final price/upsize: EUR790m at 96.50.

Did investor call at 10am UKT today. Books close at 1:30pm UKT today. Pricing today UK afternoon. UOP: redeem all of its EUR740.7m 2.75% sr sec notes due 03/15/24 (callable at 101.375) (upsize to redeem all of the 2.75% sr sec notes and pay call premium). Biz: supplier of rigid glass and metal packaging. HQ: Dublin, Ireland.