Ardagh refinances over €2bn in debt

Glass and packaging group Ardagh has announced plans for an early refinancing of just over €2bn in debt, effectively removing any repayment deadlines from around its targeted IPO date of 2015.

The Luxembourg-based business — which is headed by businessman Paul Coulson — yesterday announced plans to raise around €1.8bn in a new debt sale; the proceeds of which will go towards paying off existing debt three years early.

The rest of the money will come from the proceeds of the sale of the six glass container manufacturing plants it is divesting as part of its near €1.3bn takeover of Verallia North America — the second largest glass container manufacturer in the US — from French multinational Saint-Gobain.