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Ardagh : Ardagh: refinancing transactions ahead of the IPO
Friday 24 February 2017 - - - - Following the release of satisfactory Q4 2016 results, Ardagh announced a bond issue of around $ 1.9bn (in euros and dollars) to repay some of its existing debt. Launched before the planned IPO which is expected to be completed by the end of March 2017, the transaction will enable Ardagh to further extend the average maturity profile of its debt and enhance its capital structure. - Regarding the € 500m 7NC3 secured bond, the cited price-talk is 2.75 to 3.00%. Compared with the yield of comparable bonds in the same sector, this yield seems fair enough, the average yield being around 2.8%. The transaction seems to be fairly priced and could perform well on the back of projected earnings improvement in 2017, whilst the IPO should drive an improvement in the group's credit quality. - - >
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Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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