ARD Finance S.A.'s Proposed ?395 Million PIK Notes Rated 'B-'
- ID: 1786150
- May 2011
- Standard & Poors
ARD Finance S.A., the Luxembourg-incorporated holding company of Ireland-based glass container manufacturer Ardagh Packaging Group PLC, is set to issue -395 million payment-in-kind (PIK) notes. We have assigned an issue rating of 'B-' and a recovery rating of '6' to the proposed notes. We understand that the company intends to use the proceeds of the PIK notes to refinance its existing PIK notes of about -244 million, maturing in 2015, and for a prospective shareholder distribution. In our view, the PIK notes would be subordinated to all debt sitting at Ardagh Packaging Group PLC and its subsidiaries, including both secured and unsecured debt. LONDON (Standard & Poor's) May 12, 2011--Standard & Poor's Ratings Services said today that it assigned its...
Companies mentioned in this report are: ARD Finance S.A.,Ardagh Packaging Group PLC
Action: New Rating
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Research type: News
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