Ardagh Glass is looking to restructure its debt by selling EUR300m in seven-year corporate bonds. The Dublin-based group will use half the funds to refinance EUR150m in bank loans that mature in 2014 and the rest for general business purposes. The secured notes will be secured by Ardagh Glass Holdings and certain of its wholly-owned subsidiaries, the firm said in a statement. Ardagh Glass declined to comment further when contacted by Packaging News. Moody's, the credit ratings agency, has said it expects the firm's revenues to stabilise during the year, following a EUR46m loss in the first quarter. Ardagh is run by Irish financier Paul Coulson and is involved in a dispute over rival Quinn Glass's container glass manufacturing and bottling facility in Cheshire. Quinn is currently appealing the closure notice issued by Cheshire West and Chester council that the High Court ordered in April.
