Ardagh Group - comment

Redeeming the $260m Preference shares (held by Ardagh Group) makes sense for AMP, as these shares were originally put in place to provide liquidity to Ardagh Group to pay the cash coupon on the PIK Toggle notes issued by ARD HoldCo. AMPs. We would expect the cash paid to Ardagh Group to be used to reduce debt at the Ardagh Group level. 

Use of proceeds:

Repayment of Apollo TL $269m

Redemption of 2027 Green Bonds      $600m 

Redemption of Pref Shares                  $260m

Fees/GCP                                             $151m

Total                                                     $1,280m

https://d1io3yog0oux5.cloudfront.net/_466210349f76bf3178d064e7626ecbec/ardaghmetalpackaging/news/2025-11-18_Ardagh_Metal_Packaging_S_A_Launches_Senior_74.pdf