Ardagh Metal Packaging S.A.'s Parent Company, Ardagh Group S.A., Announces Comprehensive Recapitalization Transaction
Ardagh Metal Packaging (NYSE:AMBP) announced that its parent company, Ardagh Group S.A. (AGSA), has reached an agreement for a comprehensive recapitalization transaction with its major stakeholders. The deal involves creditors holding approximately 75% of senior secured notes, over 90% of senior unsecured notes, and over 60% of PIK Notes.
Upon completion, expected by September 30, 2025, SUN holders will receive 92.5% equity in AGSA, while PIK Note holders will get 7.5% equity. Importantly, this transaction will not affect AMBP's listing or capital structure, which will continue as an AGSA subsidiary. AGSA currently owns approximately 76% of AMBP's outstanding ordinary shares and all of its preferred shares.
Ardagh Metal Packaging (NYSE:AMBP) ha annunciato che la sua societ脿 madre, Ardagh Group S.A. (AGSA), ha raggiunto un accordo per una transazione di ricapitalizzazione completa con i suoi principali stakeholder. L'accordo coinvolge creditori che detengono circa il 75% delle note senior garantite, oltre il 90% delle note senior non garantite e oltre il 60% delle PIK Notes.
Al completamento, previsto entro il 30 settembre 2025, i detentori delle SUN riceveranno il 92,5% del capitale in AGSA, mentre i detentori delle PIK Notes otterranno il 7,5% del capitale. 脠 importante sottolineare che questa operazione non influir脿 sulla quotazione n茅 sulla struttura del capitale di AMBP, che continuer脿 a essere una controllata di AGSA. Attualmente AGSA detiene circa il 76% delle azioni ordinarie in circolazione di AMBP e tutte le sue azioni privilegiate.
Ardagh Metal Packaging (NYSE:AMBP) anunci贸 que su empresa matriz, Ardagh Group S.A. (AGSA), ha alcanzado un acuerdo para una transacci贸n integral de recapitalizaci贸n con sus principales interesados. El acuerdo involucra a acreedores que poseen aproximadamente el 75% de las notas senior garantizadas, m谩s del 90% de las notas senior no garantizadas y m谩s del 60% de las PIK Notes.
Al completarse, esperado para el 30 de septiembre de 2025, los tenedores de SUN recibir谩n el 92,5% de la participaci贸n accionaria en AGSA, mientras que los tenedores de PIK Notes obtendr谩n el 7,5% de la participaci贸n. Es importante destacar que esta transacci贸n no afectar谩 la cotizaci贸n ni la estructura de capital de AMBP, que seguir谩 siendo una subsidiaria de AGSA. Actualmente, AGSA posee aproximadamente el 76% de las acciones ordinarias en circulaci贸n de AMBP y todas sus acciones preferentes.
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Ardagh Metal Packaging (NYSE:AMBP) a annonc茅 que sa soci茅t茅 m猫re, Ardagh Group S.A. (AGSA), a conclu un accord pour une op茅ration compl猫te de recapitalisation avec ses principaux parties prenantes. L'accord concerne des cr茅anciers d茅tenant environ 75% des obligations senior garanties, plus de 90% des obligations senior non garanties et plus de 60% des PIK Notes.
脌 l'ach猫vement, pr茅vu pour le 30 septembre 2025, les d茅tenteurs de SUN recevront 92,5% des actions d'AGSA, tandis que les d茅tenteurs de PIK Notes obtiendront 7,5% des actions. Il est important de noter que cette op茅ration n'affectera ni la cotation ni la structure du capital d'AMBP, qui restera une filiale d'AGSA. AGSA d茅tient actuellement environ 76% des actions ordinaires en circulation d'AMBP ainsi que toutes ses actions privil茅gi茅es.
Ardagh Metal Packaging (NYSE:AMBP) gab bekannt, dass seine Muttergesellschaft, Ardagh Group S.A. (AGSA), eine Vereinbarung 眉ber eine umfassende Rekapitalisierungstransaktion mit ihren wichtigsten Stakeholdern getroffen hat. Das Abkommen betrifft Gl盲ubiger, die etwa 75% der vorrangig besicherten Schuldverschreibungen, 眉ber 90% der vorrangig unbesicherten Schuldverschreibungen und 眉ber 60% der PIK Notes halten.
Nach Abschluss, der bis zum 30. September 2025 erwartet wird, erhalten SUN-Inhaber 92,5% Eigenkapital an AGSA, w盲hrend PIK Note-Inhaber 7,5% Eigenkapital erhalten. Wichtig ist, dass diese Transaktion die Notierung oder Kapitalstruktur von AMBP nicht beeinflusst, das weiterhin eine Tochtergesellschaft von AGSA bleibt. AGSA h盲lt derzeit etwa 76% der ausstehenden Stammaktien von AMBP sowie alle Vorzugsaktien.
- Transaction resolves AGSA's debt structure without impacting AMBP's capital structure or listing
- High creditor support with 75% SSN, 90% SUN, and 60% PIK Note holder participation
- Maintains AMBP's existing corporate structure as AGSA subsidiary
- Change in ultimate ownership control of AMBP as AGSA ownership transfers to creditors
- Complex transaction structure might create temporary market uncertainty
Insights
AGSA's recapitalization shifts majority ownership to creditors with no direct change to AMBP's structure, though parent control changes.
Ardagh Group S.A. (AGSA), which controls approximately 76% of Ardagh Metal Packaging's (AMBP) ordinary shares and all of its preferred shares, has finalized a significant recapitalization agreement with its major creditors. This debt-to-equity conversion represents a substantial ownership transformation at the parent company level. Upon completion, senior unsecured noteholders will receive
The transaction has garnered impressive creditor support, with approximately
While the press release explicitly states the recapitalization has "no impact on the listing of the Company's shares or the capital structure" of AMBP, this restructuring does change who ultimately controls AMBP indirectly. Essentially, AMBP's ownership chain is changing one level up, with creditors of the parent company becoming the new indirect controlling parties of AMBP.
The transaction timeline indicates completion by September 30, 2025, pending regulatory approvals. For AMBP shareholders, this represents a significant change in the ultimate controlling interests above them in the corporate structure, even while their immediate corporate parent remains technically unchanged.
On July 28, 2025,听AGSA announced (the "Announcement") that it had entered into an agreement for a comprehensive recapitalization transaction (the "Agreed Recapitalization Transaction") with its largest financial stakeholders, including its controlling shareholder and creditors representing approximately
Upon completion of the Agreed听Recapitalization Transaction, assuming full participation, holders of the SUNs will become the majority shareholders of AGSA, receiving directly or indirectly
Disclaimer
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor will there be any sale of securities referred to in this press release, in any jurisdiction, including
Forward Looking Statement
This press release contains "forward-looking statements" within the meaning of Section 27A of the
About Ardagh Metal Packaging
Ardagh Metal Packaging (AMP) is a leading global supplier of sustainable and infinitely recyclable metal beverage cans to brand owners globally. An operating business of sustainable packaging business Ardagh Group, AMP is a leading industry player across
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FAQ
What is the impact of AGSA's recapitalization on Ardagh Metal Packaging (AMBP) shareholders?
When will AGSA's recapitalization transaction be completed?
How will AGSA's ownership structure change after the recapitalization?
What percentage of AMBP shares does Ardagh Group S.A. currently own?
What level of creditor support does AGSA's recapitalization have?
