On July 28, 2025, Ardagh Group S.A. (AGSA), the parent company of Ardagh Metal Packaging S.A. (AMBP), announced a comprehensive recapitalization transaction with its largest financial stakeholders. This agreement aims to significantly lower AGSA's debt and extend its next bond maturity to 2030. The transaction is supported by an overwhelming majority of its senior secured and senior unsecured noteholders.
Upon completion, expected by September 30, 2025, holders of AGSA's senior unsecured notes will become the majority shareholders, receiving 92.5% of the equity in Ardagh Group. Holders of PIK Notes will hold the remaining 7.5% of the equity. This restructuring is subject to regulatory approvals and other customary conditions.
Ardagh Group explicitly stated that this recapitalization transaction has no impact on the public listing or capital structure of Ardagh Metal Packaging S.A. AMBP will remain a subsidiary of Ardagh Group, but its 76% shareholder's ownership will transfer to the new equity holders. This action is designed to put in place a sustainable capital structure for the parent company.
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