Ardagh Glass receives R9 250m debt package to grow their African operations
10 Mar 2023
Ardagh Glass Packaging South Africa (Ardagh SA), previously known as Consol Glass, was acquired by Ardagh Group Luxembourg in 2022. It is Africa’s largest producer of versatile and sustainable glass packaging and a vital supplier to the Pharmaceutical, Food Production and Beverage sectors.
Ardagh SA boasts long-standing customer relationships with key blue-chip companies with both an international and national presence. The combination of Ardagh Group’s global reach with Ardagh SA’s know-how on the African continent, the enlarged Group will be very well-positioned for further growth in Africa.
Standard Bank acted in its capacity as joint mandated lead arranger alongside 3 other banks in the refinance and upsize of Ardagh SA’s debt facilities to R9,250-million. Standard Bank is proud to share in 32% of the senior facilities and 54% of the general banking facility.
The facilities will help support Ardagh SA’s investment in a third furnace at their Nigel facility in Johannesburg and increase production capacity to sustain rising demand, as well as proliferate liquidity for normal business operations. Over the years, Standard Bank has forged a strong relationship with Ardagh SA and the management team, which has resulted in a key partnership for the bank.