Ardagh’s $850 Million Financing

Shearman & Sterling advised Ardagh Group S.A. as parent guarantor on an $850 million financing agented by Citibank, N.A.

The financing consisted of an $840 million secured New York ABL revolving credit facility and a $10 million secured French ABL revolving credit facility.

The facilities are secured by inventory and receivables in the United States and five European countries. The obligors included Ardagh entities in the United States, the United Kingdom, France, Germany, Netherlands, Switzerland and Ireland.

This financing is notable for integrating Ardagh’s existing securitization structure with the new ABL structure and the complex issues stemming from the number of jurisdictions involved.

The Shearman & Sterling team was led by Of Counsel Steven Sherman (New York-Finance) and included partners Caroline Leeds Ruby, James Duncan (Picture) (both London-Finance), Esther Jansen (Frankfurt-Finance) and Simon Letherman (London-Tax); counsel Nathan Tasso (Washington, DC-Tax); and associates Tomasz Kulawik (Washington, DC-Finance), Kelsey Avery, Esam Ibrahim (both New York-Corporate), Brittany Roger (London-Finance), Odilo Wallner, Maria Iorno (both Frankfurt-Finance), Lois Howarth (London-Tax), Azeka Abramoff and Devon Yamauchi (both Washington, DC-Tax).

Involved fees earner: Steven Sherman – Shearman & Sterling; Caroline Leeds Ruby – Shearman & Sterling; James Duncan – Shearman & Sterling; Esther Jansen – Shearman & Sterling; Tomasz Kulawik – Shearman & Sterling; Odilo Wallner – Shearman & Sterling; Maria Iorno – Shearman & Sterling; Brittany Roger – Shearman & Sterling; Simon Letherman – Shearman & Sterling; Nathan Tasso – Shearman & Sterling; Lois Howarth – Shearman & Sterling; Azeka Abramoff – Shearman & Sterling;

Law Firms: Shearman & Sterling;

Clients: Ardagh Group S.A. ;