Ardagh 2Q25 & Restructuring: Re-Packaged
Helen Rodriguez - Head of European Special Situations, CreditSights
Joshua Kramer - Senior Analyst, Special Situations, CreditSights
28 July 2025
Insights into Ardagh’s 2Q25 restructuring and its implications for investors, including:
- Group structure and ownership: The effects of retaining Ardagh’s existing structure and the resulting implications for stakeholders and bond documentation.
- Business performance: Developments in the Glass and Metals divisions, focusing on recent EBITDA trends and ongoing regional challenges.
- Restructuring deal mechanics: An overview of the new money facility, changes to collateral, and how the deal impacts creditor positions.
- CDS settlement considerations: How the proposed transaction may affect CDS holders, including auction timing and documentation nuances.
- Recovery outlook and asset values: Key assets driving recovery estimates and what the new capital structure could mean for Ardagh’s future.
Executive Summary
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All change at Ardagh as the former owners are set to sell out of Yeoman in favour of the Creditors. The two/latterly three-headed silo structure delineated in the flurry of cleansing documents has been dumped, and the existing structure, where the 76% Metals stake sits within the broader Ardagh Group, is to be retained.
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By maintaining the current structure and effecting the takeover through Yeoman, Permitted Holder exceptions of AMPBEV bond docs stay in place, meaning Change of Control at AMPBEV would appear to be off the table, at first glance.
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Still, a new owner is a good outcome for AMPBEV and given that it is the main repository of value within the Group (market cap is $2.4 bn), it would be foolish to lean too heavily on Metals to the detriment of the fading Glass business.
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Relative Value
Perhaps the clearest example yet that in European Restructuring, being in the game means size and access. The structure and economics of the proposed deal, in addition to the abbreviated timeline, are authoritarian in design and intention. Par exchange is on offer for participating holders who accede to the TSA within 10 business days, subject to a 90% participation threshold. A discounted exchange at 80c for non-participating holders is the stick for dissenters. Completion is driven by a tight deadline to 30 September 2025.
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