{"id":8475,"date":"2025-07-29T04:24:26","date_gmt":"2025-07-29T08:24:26","guid":{"rendered":"https:\/\/www.packagingindustrynews.com\/?p=8475"},"modified":"2025-07-29T04:24:26","modified_gmt":"2025-07-29T08:24:26","slug":"ardagh-group-announces-major-recapitalisation-plan","status":"publish","type":"post","link":"https:\/\/www.packagingindustrynews.com\/?p=8475","title":{"rendered":"Ardagh Group announces major recapitalisation plan"},"content":{"rendered":"


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The transaction is set for completion by 30 September. Credit: JHVEPhoto\/Shutterstock.com.<\/figcaption><\/figure>\n<\/p><\/div>\n

Global packaging company\u00a0Ardagh Group has confirmed a comprehensive recapitalisation transaction with key financial stakeholders, including its controlling shareholder and creditors holding a majority of various debt notes.<\/p>\n

The debt restructuring deal will result in certain creditors assuming full control of the company from Irish billionaire Paul Coulson<\/a>.<\/p>\n

The agreement will reduce the group\u2019s $4.3bn debt through a debt-for-equity swap of SUNs and payment-in-kind (PIK) notes, and inject $1.5bn in new capital to refinance existing debt facilities, purchase Yeoman Capital, and cover general corporate purposes, fully backed by members of the SSN Group and SUN Group.<\/p>\n

As part of the agreement, Yeoman Capital, the investment entity through which Coulson exercises control over Ardagh, will be compensated with a $300m payment to facilitate his exit from the company, reported Bloomberg<\/em><\/a>.<\/p>\n

The transaction also extends the maturities of existing Ardagh Glass Packaging bonds by over four years to December 2030, enhancing liquidity.<\/p>\n

Ownership of Ardagh Group will transfer to a syndicate of long-term investors, comprising major financial institutions and funds committed to providing the new capital.<\/p>\n

The Glass Packaging and Metal Packaging businesses will remain under common ownership of Ardagh Group.<\/p>\n

Completion of the transaction is anticipated by 30 September 2025, subject to regulatory approvals and customary conditions.<\/p>\n

Upon completion, assuming full participation, SUN holders will become the majority shareholders with 92.5% equity while PIK notes holders will receive 7.5% equity. SSN holders will exchange into new second lien paper, maturing in December 2030.<\/p>\n

The recapitalisation will not impact the public listing or capital structure of Ardagh Metal Packaging, a subsidiary of Ardagh Group.<\/p>\n

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