Global packaging company Ardagh Group has announced a milestone in its recapitalisation efforts, with over 90% of holders of various note types entering into a transaction support agreement (TSA).
The agreement, dated 28 July 2025, involves senior secured notes (SSNs), senior unsecured notes (SUNs), and over 75% of the senior secured toggle notes due 2027 issued by ARD Finance, referred to as the payment-in-kind (PIK) notes.
Ardagh encourages the remaining noteholders to join the agreement before the early-bird deadline of tomorrow (12 August), to benefit from the early consent consideration.
The debt restructuring deal resulted in certain creditors assuming full control of the company from Irish billionaire Paul Coulson.
The TSA alleviates Ardagh Group’s debt burden, which stands at $4.3bn. This will be achieved through a debt-for-equity exchange involving the aforementioned SUN and PIK notes.
Additionally, the agreement will introduce $1.5bn in fresh capital, which will be utilised to refinance current debt obligations, acquire Yeoman Capital, and support general corporate activities.
This injection of capital is fully endorsed by the SSN and SUN holders.
In line with the agreement, Yeoman Capital, the investment vehicle through which Coulson holds sway over Ardagh, will receive compensation of $300m.
This payment is intended to facilitate Coulson’s departure from the company’s operational framework.
Moreover, the deal will prolong the maturity dates of the existing Ardagh Glass Packaging bonds by more than four years, setting the new deadline to December 2030. This strategic move is expected to bolster the company’s liquidity position.
Ardagh Group’s operations span 16 countries with 58 production facilities, employing roughly 19,000 people.
In 2024, the company reported sales of approximately $9.1bn, underscoring its position as a key player in the packaging industry.
The recapitalisation agreement is expected to further strengthen Ardagh’s financial position and support its efforts to provide sustainable packaging solutions.
