Ardagh to raise €457m to repay debt

Irish-controlled glass and metals packaging group Ardagh has launched a £400m (€457m) eight-year bond offering, with the proceeds set to be used for the early repayment of existing debt.

The group, which has grown aggressively through acquisition in recent years and is looking for more purchase opportunities, closed 2016 with debt levels of €7.2bn.

It recently raised over $300m (€268m) from the flotation of nearly 7% of its business. That money will go towards the early redemption of €405m in bonds not due to mature until 2022.