#Luxembourg #Ardagh Group #Noteholders #AMPSA

Ardagh Group S.A. Updates on Negotiations with Noteholders

On March 11, 2025, Ardagh Group S.A. (AGSA) announced that it is currently in discussions with holders of its senior secured notes (SSN Holders) and senior unsecured notes (SUN Holders). This announcement underlines AGSA's commitment to ensuring that discussions remain productive and focused on the best outcomes for stakeholders involved. As a controlling shareholder, AGSA holds approximately 76% of Ardagh Metal Packaging S.A.'s outstanding ordinary shares and all preferred shares, collectively referred to as the AMPSA Interests.

On April 7, 2025, the company provided a further update regarding these ongoing dialogues, outlining the latest proposals from the SSN Holders and AGSA’s counterproposals. The discussions highlight a potential divestment plan by AGSA, contingent upon board approval, which could involve transferring AMPSA Ordinary Shares to a newly formed special purpose vehicle known as New BidCo. Under this structure, the ownership would be distributed with 80% shared among existing indirect shareholders and 20% allocated to participating SUN Holders.

The SSN proposal focuses on this divestment strategy, whereas AGSA responded with an alternative counterproposal that encompasses a broader divestment of all AMPSA Interests, retaining the same ownership ratios for both shareholder groups. This indicates AGSA's willingness to reconceptualize its approach to align with stakeholder interests, potentially offering provisions for participating holders of senior secured toggle notes due in 2027.

These ongoing negotiations signify AGSA's proactive approach to financial restructuring, aimed at creating a favorable environment for all parties involved. The company has reassured stakeholders that it continues to explore all viable options to ensure financial stability while keeping communication lines open with the Holders for future updates and developments.

Notably, AGSA emphasizes the ongoing constructiveness of discussions, assuring stakeholders that while no definitive agreement has been made yet, the dialogue is paving the way for a mutually beneficial resolution. As these negotiations progress, further updates will be shared publicly to maintain transparency about the process.

The full text of this latest update can be accessed on the investor relations section of the AGSA website. This commitment to transparency is a critical aspect of AGSA’s ongoing strategy, as it seeks not only to navigate the current challenges but also to lay the groundwork for future stability and growth.

In conclusion, the developments surrounding Ardagh Group’s negotiations with noteholders illustrate the complexities involved in corporate restructuring. AGSA’s adaptability in the face of financial challenges reflects its determination to uphold shareholder interests while fostering a collaborative dialogue with its financial partners. Investors and stakeholders alike should remain alert for further announcements that will provide more detailed insights as the restructuring process unfolds.