Arendt advises senior secured noteholders on USD 6 billion Ardagh recapitalisation

Arendt advised the senior secured noteholders on all Luxembourg law aspects of Ardagh’s comprehensive $6 billion recapitalisation. The recapitalisation implements a $4.3 billion debt‑for‑equity swap of senior and PIK notes, materially reducing leverage and strengthening the group’s financial position. It also includes the issuance of $1.5 billion in new first‑lien senior secured notes due 2030 to provide liquidity for refinancing and strategic initiatives. Existing senior secured notes were mandatorily exchanged for new second‑lien notes, extending the group’s nearest bond maturities by more than four years. As part of the overall reset, ownership of the group has transitioned to its financial creditors, aligning stakeholders’ interests. The transaction further extends Ardagh’s $0.5 billion global asset‑based loan facility to 2030, enhancing liquidity and operational flexibility. Together these measures establish a sustainable capital structure and position Ardagh to deliver on its medium‑term business plan with renewed confidence. Arendt represented the senior secured noteholders with a team composed by: Restructuring & Insolvency: Sébastien Binard, Grégory Minne, Clara Mara‑Marhuenda, Nicolas Tintanne, Valentina D’eufemia, Magedeline Mounir, Louis Salles; Tax: Jan Neugebauer, Yves Philippart de Foy.

Arendt advises senior secured noteholders on USD 6 billion Ardagh recapitalisation

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