Benchmark prior transactions, bonds, loans or company profiles using over 300 credit metrics.

Comparables

AI transcripts & instant analysis, making earnings season easier than ever.

Earnings

Say goodbye to CTRL + F with our powerful search. Thousands of documents text searchable for any keyword or phrase.

Search

A full suite of ESG data and analysis. Built for your workflow

We've successfully predicted more than 65 price sensitive events - before they happened.

Deal predictions

Spot undervalued credits and potential future restructurings with our purpose-built tools.

Distressed and Restructuring

We use AI to aggregate newsflow from 2,000 sources, and deliver it to your inbox quicker than anyone else.

News

Full Financial profiles with 3 statements, KPIs, segment splits & credit metrics. All traced to source documents.

Financials

New deal analysis and covenant comparison tools, understand key risks in seconds not days.

Covenants

Track high yield deals from issuance through to maturity, with integrated legal, credit and ESG analysis.

High Yield Bonds

Shine a light on private markets with 9fin's news and legal analysis of syndicated loans

Leveraged Loans

21st century tech and expert analysis to help CLO teams make informed decisions faster.

Structured Credit 

Find information others can't see in one of the fastest growing corners of finance

Private Credit 

Max Frumes

A group of bondholders who own Ardagh Group unsecured notes and ARD Finance PIK notes has migrated to work with Akin Gump and held pitches for a financial advisor after one of the largest such holders Franklin Resources leaned in that direction, according to 9fin sources.

The crossholder group had initially been working with Milbank, which had corralled 40% of the unsecureds and one third of the PIKs at the Ardagh Finance entity, as reported, but Franklin and JPMorgan were among the largest holders still undecided, sources said.

After the metal and glass packaging conglomerate announced its bombshell priming deal to refinance its $700m 2025 SSNs with Apollo, the company’s already deeply distressed HoldCo PIK Toggle Notes maturing in 2027 fell even further to the low 20s, where they remain, according to 9fin data. The deal with Apollo allows it to buy $250m worth of PIKs and SUNs at a discount and exchange them into a term loan of that amount at a premium to their purchase.

The crossholder group comprises billions in 2027 maturities across various tranches, and doesn’t want the company to further address its $3.27bn in 2025 and 2026 maturities, while leaving $4bn equivalent in 2027 maturities, according to sources. The argument is that Ardagh’s owners should look at the 2027 PIKs as sitting in front of equity so they will need to address the debt structure holistically.

According to a source, holders are expecting potentially more maneuvers before the company engages with either the crossholder group or the senior lender group. The senior lender group organized with Gibson Dunn and Perella Weinberg, as reported by 9fin, after it was revealed that the company hired Kirkland & Ellis and Houlihan Lokey to help it explore liability management options.

Representatives of Franklin, Akin and Ardagh have not responded to requests for comment.

Enjoyed this article? Our customers receive news and analysis ahead of the crowd on the 9fin platform. To request a trial, click the button below.

Ardagh crossholder group migrates to Akin

Karis Hustad

European LevFin Wrap — Altered docs help Alter Domus, missing M&A

Jane Komsky

ConvergeOne — Excluded lenders to argue against ‘staggering’ premium for majority lender group

Larry Feldman

Diamond Sports Group — Major league teams sound alarm on Comcast renewal strikeout

William Hoffman

David Bell

Waiting for the M&A dam to break — Key takeaways from the Goldman Sachs Leveraged Finance Conference

Turbocharge your trading desk P&L, with the market's fastest news alerts.

Sales & Trading

Save time, react faster to news, outperform your peers.

Asset Managers & Hedge funds

Save time, pitch more efficiently, and win business.

Investment Banks

Spot novel covenants, save time drafting and win business.

Ardagh crossholder group migrates to Akin

Read all our public content for free

Recently Published

European LevFin Wrap — Altered docs help Alter Domus, missing M&A

ConvergeOne — Excluded lenders to argue against ‘staggering’ premium for majority lender group

Diamond Sports Group — Major league teams sound alarm on Comcast renewal strikeout

Waiting for the M&A dam to break — Key takeaways from the Goldman Sachs Leveraged Finance Conference

What are you waiting for?

Cookies & Privacy