The landmark transaction transferred equity ownership of Ardagh Group to holders of the SUNs and PIK notes - primarily major financial institutions and investment funds with a long-standing presence in Ardagh securities - through a USD 4.3 billion debt-to-equity swap.

As a key highlight, the deal also provided USD 1.5 billion in new capital via the issuance of new first-lien 9.50% senior secured notes due December 2030.

Ardagh​​ Group is a global leader in sustainable, infinitely recyclable, metal and glass packaging for brand owners globally. It operates 58 metal and glass production facilities in 16 countries, employing approximately 19,000 people.

Our Luxembourg Restructuring, Corporate, Finance, Tax, Litigation and Capital Markets teams worked seamlessly to address the legal and structural complexities of this landmark transaction, one of the most significant in Europe to date.