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Garry provides tax advice on Ardagh $3.1 billion notes offering

Garry provides tax advice on Ardagh $3.1 billion notes offering

Kristen M. Garry

Shearman & Sterling tax partner Kristen M. Garry was part of the team that represented Ardagh Packaging Finance plc and Ardagh Holdings USA Inc., subsidiaries of Ardagh Packaging Holdings Ltd., as co-issuers on a $3.1 billion notes offering.

The offering consisted of €1.2 billion 4.25% first priority senior secured notes due 2022, $1.1 billion floating rate first priority senior secured notes due 2019 and $440 million 6% senior notes due 2021. The notes are guaranteed by Ardagh Packaging Holdings and will be guaranteed by certain of its wholly owned subsidiaries, according to the law firm. The net proceeds from the issuance will be used to repay existing debt. The offering closed on July 3.

Ardagh Packaging Holdings is a global glass and metal packaging manufacturer with 94 production facilities located in 23 countries across five continents. Ardagh Packaging Holdings supplies companies such as AB InBev, Akzo Nobel, Bacardi, Bonduelle, Coca-Cola, Del Monte Foods, Diageo, Heineken, H.J. Heinz, Kraft, Nestle, Pernod Ricard, Procter & Gamble, SABMiller and Unilever.

According to a report in the “Irish Times,” the parent company is eyeing an IPO in 2015 after postponing plans to go public in 2011.

The Shearman & Sterling team, which included attorneys from the London and Washington, D.C., offices, was led by capital markets partner Apostolos Gkoutzinis. 

Based in the Washington, D.C., office, Garry has broad experience in the taxation of financial products and various corporate tax matters. She advises clients on cross-border structured finance transactions and mergers and acquisitions. She also focuses on capital markets offerings, including the development of new financial instruments with investment banking clients. 

Contributing Author

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Amy I. Stickel

Amy I. Stickel has extensive experience covering the legal, financial and pharmaceutical industries as a writer and editor. A past managing editor of Corporate Legal Times and...

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