Ardagh Group - comment

The redemption notice for the April 2025 SSNs kicks off the restructuring of Ardagh Group’s (AG) cap stack. The Apollo loan will fund this first step. The next step is to deal with the AG 2026 SSNs and 2027 SUNs (Sarria has a short position in the AG SUNs). We maintain that an amend and extend (A&E) of just the 2026 SSNs will not work, and the 2027 SUNs will need to be brought in and will bear most of the pain. We are also long the AMP SUNs.