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Article: Ardagh Glass plans to raise [euro]300m
- Article from:
- The Irish Times
- Article date:
- June 13, 2009
- Author:
CopyrightCopyright 2009 The Irish Times. Provided by ProQuest LLC. (Hide copyright information)
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DUBLIN-BASED manufacturing group Ardagh Glass, which is
controlled by businessman Paul Coulson, plans to raise [euro]300
million from the sale of bonds due in 2016 to restructure the
company's debts.
The aim of the proposed bond sale is to improve "liquidity
headroom" for general business purposes and to push out the dates of
loans falling due by swapping existing bank debt for longer-term
debt sourced in the bond markets.
The company plans to refinance [euro]150 million of senior
secured term loans with a final maturity in 2014 and to repay debts
owing under the company's senior secured revolving credit
facilities.
Ratings agency Moody's assigned a provisional Ba3 rating to the
proposed ...