GLAS supports Ardagh Group’s $5.8 billion debt and equity recapitalisation

GLAS is pleased to see the successful completion of the comprehensive debt and equity recapitalisation of Ardagh Group. The conclusion of this transaction marks the largest liability management exercise ever undertaken in Europe.

A cross-border GLAS team in London and New York collaborated on the recapitalisation which included a debt-for-equity-swap, provision of $1.5bn new capital through senior secured notes (settled by GLAS) and an extension of the group’s assed-based loan facility. In addition, the transfer of the group to the holders of the senior unsecured notes and the PIK notes was implemented by way of a Luxembourg share pledge appropriation.

The GLAS team played several roles on the transaction including Escrow Agent, Settlement Agent, Security Agent, Note Trustee, Paying Agent, Transfer Agent and Registrar.

About Ardagh

Ardagh Group is a supplier of sustainable packaging with a global footprint. Ardagh was founded in Ireland and is now based in Luxembourg.

The company operates 58 glass and metal production centres in 16 countries, employing approximately 19,000 people.

Ardagh Metal Packaging (AMP), 76%-owned by Ardagh Group, is listed on the New York Stock Exchange.

About GLAS

GLAS was established in 2011 as an independent provider of institutional debt administration services. The company was originally created to provide the market a willing participant in complex loan restructuring transactions where many large institutions are reluctant to take swift and cooperative action. It offers a wide range of administration services developed specifically for the debt market.

GLAS is recognised as the premier independent, non-creditor, conflict-free provider of loan agency and bond trustee services, with excess of $700bn of assets under administration on a daily basis. For more information, contact media@glas.agency.