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ARD Finance S.A.'s Proposed ?395 Million PIK Notes Rated 'B-'
Standard & Poors, May 2011
Abstract
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
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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