Arendt advised on landmark USD 6 billion Ardagh recapitalisation

Experts involved in the Deal

Arendt advised the senior secured noteholders on all Luxembourg law aspects of Ardagh’s comprehensive $6 billion recapitalisation. This transformative transaction significantly strengthens Ardagh’s capital structure and supports its long-term strategic objectives.

The recapitalisation features a $4.3 billion debt-for-equity swap of senior and PIK notes, materially reducing leverage and enhancing financial stability. It also includes the issuance of $1.5 billion in new first lien senior secured notes due 2030, providing liquidity for refinancing and strategic initiatives. In addition, 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, ensuring close alignment with stakeholders.

The transaction also includes an extension of Ardagh’s $0.5 billion global asset-based loan facility to 2030, further improving liquidity and operational flexibility.

This landmark transaction establishes a sustainable capital structure and positions Ardagh to deliver on its medium-term business plan with renewed confidence.