February 27, 2017 / 10:12 AM / 6 months ago

BRIEF-Ardagh Group prices offering of $2.2 billion, says demand strong

Feb 27 (Reuters) - Ardagh Group:

* says has priced a total offering of $2.2 billion, upsized from an initial $1.9 billion in response to strong demand

* coupons of 2.750% on 7-year secured euro debt and 5.750% on 8-year unsecured us dollar debt represent new lows in funding costs for the group

* says transaction will be immediately earnings accretive, with a reduction in annual interest payments ofapproximately 22 million euros

* says intends to continue its de-leveraging, through EBITDA growth, as well as the use of cash generated from operations and the proceeds of its planned IPO to repay debt

* 750 million euros senior secured notes March 2024 coupon 2.750%; $715 million senior secured notes Sept 2022 coupon 4.250% ; $700 million of add-on6.000% senior notes due february 2025, priced at 101.5 Further company coverage: (Reporting By Conor Humphries)

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