[Ardagh] Sale Of Six Us Glass Plants Is "Credit Positive"

Ardagh Glass recently completed the disposal of six former Anchor Glass plants to Glass Container LLC, an affiliate of KPS Capital Partners LP. According to Moody's, the deal will generate total proceeds of around US$490M, which, after costs, the company will apply to the prepayment of debt as part of a partial debt refinancing totaling US$ 3.1BN. The refinancing and reduction of total gross debt will reduce leverage and the group's interest expenses.