Report
Ardagh : Implications of the plan for capital-structure changes
Publication date: 09/04/2018 - Writing date: 09/04/2018 - - Secondary market spreads - Issuer - Rating - Maturity - YTW - Horizon Parent - CCC+ - 2022 - 3.5% - Newco GB - CCC - 2022 - 7.9% - ARD Finance - Caa2/B- - 2023 - 4.8% - Hercule Debtco - CCC+ - 2024 - 6.6% - Source: Bloomberg - - Indicative spreads - / - Source: Bloomberg - - - - - - - - - - - - - - - - - - - - Ardagh reported satisfactory 2017 results. Despite the disappointing showing of the Glass packaging North America business at the end of the year, the group posted positive organic growth in sales and EBITDA. The group has managed to reduce its debt and leverage on the back of strong FCF generation and the capital increase resulting from the IPO. - At this time, management said it was considering a change in its capital structure in the medium term to raise the percentage of Ardagh Group's free float. In this report, we shall take stock of the impacts of this transaction on Ardagh's credit metrics. - - >
Underlying
Ardagh Group S.A. Class A
Provider
Oddo BHF
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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