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Ardagh CDS Holders Set for $174 Million Payout After Auction

Giulia Morpurgo
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Credit default swap holders of an Irish packaging firm will receive a $174 million payout after its debt restructuring, triggered by unsecured bondholders assuming control of the company. The payout follows a settlement auction where notes issued by the firm’s financing arm were valued at 33.9 cents per euro, significantly below face value. CDS holders will collect 66% of the contracts’ face value, reflecting the gap between the auction price and the original debt amount. The restructuring marks a shift in ownership, with unsecured bondholders gaining control as part of the financial reorganization process. The auction results, published on Creditfixings, confirm the final payout terms for the insurance-like derivatives tied to the company’s debt.
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Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the worldAmericas+1 212 318 2000EMEA+44 20 7330 7500Asia Pacific+65 6212 1000Holders of Ardagh Group SA’s credit default swaps are set for a payout worth around $174 million following a debt restructuring that saw unsecured bondholders take over the Irish packaging firm. Notes issued by Ardagh Packaging Finance Plc were valued at 33.9 cents on the euro in an auction to settle the insurance-like contracts tied to them, according to a notice on the Creditfixings website. CDS holders will receive a payout equal to 66% of face value, effectively the difference between the auction price for the notes and their face value.

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Source: Bloomberg Markets

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