Ardagh Glass, an Irish bottle and packaging manufacturer, has secured EUR 1.7 billion from the high-yield bond market to finance its takeover of Dutch can maker Impress.
The financing package has bee…
Ardagh Glass, an Irish bottle and packaging manufacturer, has secured EUR 1.7 billion from the high-yield bond market to finance its takeover of Dutch can maker Impress. The financing package has been fully underwritten by Citigroup, Credit Suisse and JPMorgan. Reuters IFR said the bond deal would be a mix of dollar and euro, with most of the financing package coming in euro. Bond investors have been invited to marketing roadshows in the US and Europe in the coming week. Ardagh Glass is a well-established user of the bond market. Its new deal will refinance all of its own and Impress“s current debt, repaying outstanding debt, including a loan from Anglo Irish Bank at par. Ardagh evolved from the Irish Glass Bottle Company. It says the acquisition of Impress from private equity firm Doughty Hanson will be transformational. The combined business will have a turnover of EUR 3 billion and employ 14,000 worldwide. To date, Ardagh has operated from 20 European locations and the takeover of Impress will extend its reach into new markets in the US and Australasia. Ardagh“s business is mainly manufacturing glass bottles, with 40% of revenue coming from beer bottles. Impress also makes metal packaging, including cans for fish and paint.