Ardagh tends to debt stack with fifth deal in two months

摘要

Class and metal packaging company ARDAGH GROUP has raised more than US$3.3bn equivalent in just over two months, demonstrating how corporate financing priorities have shifted since the Covid-19 pandemic gripped the economy. Ireland's Ardagh has now been in the market on five separate occasions since the start of April, taking steps to add liquidity, as well as manage its balance sheet, pay down debt and extend its maturities in what have been largely receptive credit markets. Until Friday, four of those deals had been in the US dollar high-yield market, which has seen a much faster recovery than euros. But supply-starved investors in Europe finally got their turn when the company tapped the market for €790m with 2.125% August 2026 senior secured non-fungible mirror euro notes.