Ardagh Glass Roadshow To Fund Rexam Acquisition

Date: 1 June 2007
Source: Independent.ie

Date: 1 June 2007

Ardagh Glass has begun a roadshow to place €310m of high-yield senior debt to help fund its planned €660m acquisition of UK group Rexam's glass container manufacturing division.





The deal will double the sales of Ardagh, chaired by Dublin financier Paul Coulson, giving it a one-third share of the northern European glass container market and an 18pc slice of the total European market.



It comes two years after Ardagh Glass bough the UK division of Rexam for £50m (€73.5m).



The prospectus for the bond, seen by the Irish Independent, said that the takeover has received regulatory approval from the German competition authorities.



Regulators in Poland must also clear the transaction before it can go through.



The document shows that both businesses had aggregated pro forma earnings before interest, tax depreciation and amortisation (EBITDA) of €183.9m on sales of €1.3bn in the 12 months to the end of March.

By Joe Brennan



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