28-07-2025
Creditors agree takeover of Irish packaging giant Ardagh from Paul Coulson
Glass and metal packaging giant Ardagh Group has agreed with a debt restructuring which will see some of its creditors take control of the whole business from Irish billionaire Paul Coulson.
Holders of $4.3bn (€3.69bn) combined senior unsecured notes and payment-in-kind (PIK) notes will swap their debt for equity, the company said on Monday. The senior unsecured bondholders will own 92.5% of the equity following the transaction, while the PIK holders will get 7.5% of the shares.
As part of the deal, Yeoman Capital — the investment vehicle through which Mr Coulson controls Ardagh — will receive a $300m (€257m) payoff to walk away, according to a presentation to investors released on Monday.
Mr Coulson had been nearing a deal to cede full control of the company to creditors. Ardagh and its creditors have been in talks for months as the company sought to deal with debt coming due next year. Creditors previously rejected a proposal that would have left Mr Coulson in control of Ardagh Metal Packaging SA, the most profitable arm of the business, which is listed in the US.
Mr Coulson took over the Irish Glass Bottle Company in Dublin, the predecessor of Ardagh, in the late 1990s. Under his ownership the firm has become the largest glass-container maker in Northern Europe.
The current restructuring plan has the approval of creditors holding 75% of its senior secured debt, over 90% of its senior unsecured bonds and over 60% of its PIK notes, as well as that of its controlling shareholder. The deal also envisages the refinancing of its secured debt into new bonds due in December 2030, according to the statement.
Some secured and unsecured creditors have also backstopped the provision of $1.5bn (€1.29bn) of new money, which will serve to repay a facility provided by Apollo Global Management last year. The money will also fund Yeoman's payoff and boost the company's liquidity.
Ardagh is looking to implement the deal on a consensual basis, but would consider alternative implementation options including a UK scheme of arrangement, according to the statement.
Bloomberg
