Refinancing of South African Debt Facilities to 2028
Ardagh Group S.A. announces that its subsidiary, Ardagh Glass Packaging - Africa (formerly Consol Glass) has successfully completed the refinancing of the South African debt facilities assumed at the time of the Consol Glass acquisition in April 2022.
Under the terms of the refinancing, maturities have been extended to 2028, from 2023, and the total facilities were increased by approximately ZAR 3 billion. These facilities will support Ardagh Glass Packaging - Africa’s investment program for additional capacity, principally the construction of a third furnace at the Nigel production facility, near Johannesburg, which is expected to commence production in late 2023. They also provide increased liquidity to support the business and operations.
This refinancing was undertaken with the existing syndicate of South African banks (FirstRand Bank, Standard Bank of South Africa, Nedbank and ABSA Bank) which continued to show their support to Ardagh Glass Packaging - Africa. This reflects the longstanding track record of the Ardagh Glass Packaging - Africa team and business, and its commitment to serve growing demand for sustainable glass packaging in the region.
20 February 2023